Over the last several years, the entertainment industry has been rocked by a succession of body blows. It came out of a global pandemic only to be hit with dual strikes (WGA and SAG-AFTRA) that caused historically long labor stoppages, which were followed by a work slowdown brought on by a deflation of the streaming bubble, exacerbated by the threat of strikes by below-the-line unions.
Through it all, the honorees on Variety’s 2024 Dealmakers report continued to work on behalf of their clients. On the whole, the deals weren’t as plentiful or as rich, but, necessity being the mother of invention, often more innovative. They approach the coming new year with a mix of optimism and uncertainty, as they navigate the threat and the promise of artificial intelligence — perhaps the most disruptive of technological innovations to date — while cautiously anticipating the incoming administration in Washington, D.C., which is seen as more friendly to corporate mergers and acquisitions, but hostile to Hollywood, in spite of its leader’s past ties to show business.
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Tony Khan
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CEO, All Elite Wrestling (AEW)
In October, five years to the week after Khan launched professional wrestling promotion AEW as a direct competitor to Vince McMahon’s long-dominant WWE, he closed a multi-year media rights deal with Warner Bros. Discovery, worth a reported $185 million a year, that calls for AEW’s shows and events to be broadcast on TBS and TNT and stream on Max. The company is now valued at more than $2 billion, making it the third-most-valuable combat sports company in the world.
Ain’t bragging if it’s true: “Our new arrangement signifies that AEW will make history as the first professional wrestling promotion to simulcast events weekly on top cable channels and a top streaming platform,” says Khan.
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Chris Spicer, Marissa Román Griffith, Alissa Miller, Vanessa Roman
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Chris Spicer
Marissa Román Griffith
Alissa Miller
Vanessa Roman
Partners
Akin Gump Strauss Hauer & FeldThe Akin team closed more than $3.5 billion in deals in the past year, spanning media, entertainment and sports. Recently, it repped CAT5, an action film label backed by Fifth Season, in its initial project, “Levon’s Trade” (Black Bear Pictures), written by Sylvester Stallone, and advised HarbourView Equity Partners on its investment in Mucho Mas Media, producers of the films “Rosario” and “The Long Game.”
Be open-minded: “AI will obviously have an impact on all facets of the media and entertainment industry, but how much and to what extent is still TBD,” says the group in a joint statement. “Our advice for anyone in the industry, be it legal, financial, creative, etc., is to learn how to use the technology to be more efficient and better at your job as opposed to be scared of it. Embrace the change and look for ways to use it to your advantage.”
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Lisa Alter, Katie Baron
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Partners
Alter Kendrick & BaronAlter and Baron closed almost $1 billion worth of music publishing and master recording catalog acquisitions and sales in the past year, representing Primary Wave Music Publishing (Neil Sedaka), BMG Rights Management (Peter Frampton), Reservoir Media Management (Louis Prima), Iconic Artists Group (Rod Stewart) and Influence Media Partners (Enrique Iglesias).
Spotlight shining brighter on NIL deals: “There are a number of buyers that are — if not getting exclusive rights in that area, because it’s hard to value, particularly if those kinds of rights haven’t been historically exploited — at least getting the opportunity to bring things to the table,” says Alter. “Some sellers are looking for partners to help them make the biopic they’ve always wanted to make or the Broadway jukebox musical they’ve always wanted to do.”
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Pat Shah, Rhonda Adams Medina, Kristin Lang
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Pat Shah
Global head of content acquisition, strategy & partnerships
Rhonda Adams Medina
Head of business affairs
Kristin Lang
Senior director of content acquisition
AudibleIf there was doubt that Audible isn’t just about audiobooks and podcasts anymore, it was put to rest when Shah’s team cut a deal for the company’s first musical, “Dead Outlaw,” which premiered Off-Broadway and won a Drama Desk Award. They also negotiated pacts with MGM Studios to develop TV adaptations of original Audible audio titles and Imagine Entertainment to produce a fictional audio series exploring unsolved murders through the lens of church confessions, as well as traditional audiobook deals, including the acquisitions of multi-language audio rights to Andy Weir’s next novel and Matt Dinniman’s “Dungeon Crawler Carl” series.
Hear the possibilities: “Audio is a distinct and differentiated way to expand the canvas of what’s possible storytelling-wise, [and] the creative community is eager to explore how to connect with audiences both new and existing through this format,” says Shah.
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Robyn Polashuk, Adrian Perry, David Lefebvre, Mike Hill
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Robyn Polashuk
Partner; co-chair, entertainment and media industry group
Adrian Perry
Partner; co-chair, entertainment and media industry group and music industry group
David Lefebvre
Mike Hill
Special counsel
Covington & BurlingCalling Covington & Burling’s Perry, Polashuk, Lefebvre and Hill a dream team could be an understatement, given the multi-billion-dollar impact of the deals they structure. They represented the Walt Disney Co. in the media licensing aspects of its agreement to merge Disney Star India’s $8.5 billion with Reliance’s Viacom 18, and advised Paramount Global on network distribution matters involved on its proposed $8 billion merger with Skydance Media. On the sports side, Hill advised the NBA on an 11-year, $76 billion media rights agreement with the Walt Disney Co. (ABC/ESPN), NBCUniversal and Amazon.
Better dealmaking through science: “This year is marked by the acceleration of training, deployment and adoption of AI technologies, which has opened up a new content licensing and monetization market for media and other clients,” says Polashuk.
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Brad Miller, Elizabeth Zee, Cheryl Wei, Diana Palacios
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Partners
Davis Wright TremaineThe Davis Wright Tremaine quartet had a busy year, handling everything from talent deals to litigation. Miller advised on above-the-line contracts, tax incentives and production services on Seasons 2 and 3 of Amazon MGM Studios’ “The Lord of the Rings: Rings of Power.” Zee handled more than 60 development deals for ITV Studios America’s partnerships with Tomorrow Studios and Bedrock Entertainment. Wei tackled unique production legal issues, including the vetting of “Last Week Tonight With John Oliver’s” offer to give Supreme Court Justice Clarence Thomas $1 million a year and a new RV in exchange for his resignation from the Supreme Court. Palacios advised on numerous documentaries for studios including Imagine Entertainment and Netflix and is lead defense counsel for the Cinemart in a defamation suit arising from its docuseries “Bug Out.”
Pre-strike greenlights turned to red: “Talent hoped they would immediately go into production, but so many months had passed during the strike period that the studios started to take a second look at those projects, and in some cases scrapped them and started over,” says Miller.
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Abel Lezcano, Gordon Bobb, Ethan Cohan, Lily Tillers
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Partners
Del Shaw Moonves Tanaka Finkelstein Lezcano Bobb & DangThese Del Shaw Moonves legal eagles span the entertainment spectrum from film, TV and docs to the legit stage. In the past year, Bobb cut deals for talent ranging from director Malcolm D. Lee (Blumhouse/Universal thriller “Help”) to actor David Oyelowo (starring role in National Theatre production of Shakespeare’s “Coriolanus”). A major player in the unscripted space, Cohan grew his sports-related business, cutting deals for Box to Box Films, Vox Media Studios, Pro Shop and the NFL, while repping stars like French chef and chocolatier Amaury Guichon and journalists Soledad O’Brien and Antonia Hylton. Lezcano negotiated Sterlin Harjo’s overall pact with FX, which spawned the pilot “The Sensitive Kind,” starring Ethan Hawke, and producer Gareth Neame’s deal for a third “Downton Abbey” film and his new multi-year deal to continue as chairman of Carnival Television. In addition to regularly handling deals for top entertainment execs, Tillers set Quinta Brunson to write, produce and star in the Universal comedy feature “Par for the Course” (with founding partner Nina Shaw), and Becky Hartman Edwards’ showrunner deal for Netflix’s “One Tree Hill” reboot.
Relaxing talent holding deals: “The overall compensation package is not as lucrative as it used to be, nor are they ordering as many episodes as they did traditionally, so they have to be a little bit more lenient,” says Bobb.
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Nina Shaw
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Founding partner
Del Shaw Moonves Tanaka Finkelstein Lezcano Bobb & DangA longstanding leader in the entertainment law community, Shaw had another year of big deals, including pacts for Lupita Nyong’o to join the all-star cast in Christopher Nolan’s next movie, Quinta Brunson to co-write, produce and star in the Universal feature comedy “Par for the Course” (with partner Lily Tillers), Ayo Edebiri to co-star in Luca Guadagnino’s “After the Hunt,” Victoria Mahoney to direct the Amazon MGM rom-com “Clean Air” and Jurnee Smollett to star in the Apple TV+ series “Firebug.”
No profit participation for you!: “We always had really tough definitions of payouts, but a lot of people still got paid,” Shaw says. “Now, more and more, we see this concept that people don’t actually deserve to participate in the upside.”
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Tom Ara
Image Credit: Gittings Photography
Partner; global co-chair, media, sport & entertainment
DLA PiperAra had a busy year repping Caryn Mandabach Prods. in its sale to Banijay U.K., animation studio Titmouse (“Big Mouth”) in an eight-figure renewal of its first-look pact with Netflix and Korean streaming service Coupang Play in its deal with Major League Baseball for the Los Angeles Dodgers and the San Diego Padres to face off in a pair of preseason games in Seoul in March 2024.
Laying fresh revenue pipelines: “While new dealmaking opportunities in music have emerged from the securitization of royalty income streams, financiers are increasingly exploring broader sector opportunities,” he says. “This includes consolidating legacy assets and ensuring steady cash flows in an industry that is constantly evolving.”
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Benjamin Mulcahy
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Partner; chair of national advertising team
DLA PiperMulcahy has been at the center of many of the biggest transactions at the intersection of sports and entertainment. Most notably, he repped Amazon Prime Video in its 11-year, $21 billion global media rights deal with the National Basketball Assn. for an exclusive package of NBA and WNBA games, running through the 2035-2036 season. The deal, which closed in July, marks the league’s first streaming-only media rights agreement.
Package it up: “Live sports is rapidly migrating to digital media channels and is getting more expensive to acquire and exploit. So in an effort to build the scale needed to cover those costs, we’re seeing competitors team up to bundle their products and services and go to market together,” says Mulcahy.
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Stacy Marcus, Katherine Imp, Michael Isselin, David Markman
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Stacy Marcus
Katherine Imp
Michael Isselin
Partners
David Markman
Partner; co-chair, entertainment transactions practice
DLA PiperThis DLA Piper team has been a key player in matters that have widespread impact on the industry, most notably negotiations for SAG-AFTRA’s commercials contract, where Marcus serves as chief negotiator for the Joint Policy Committee representing the advertising industry, assisted by Isselin as legal counsel. Imp’s responsibilities include serving as lead outside counsel for iHeartMedia’s podcast slate with Shondaland and repping Lego Group in the negotiation of content production and distribution arrangements with studios including Disney and Netflix, while Markman handles all aspects of Jeanie Buss and David McLane’s all-female wrestling promotion Women of Wrestling, including the negotiation of its multi-year distribution deal with Paramount/CBS Studios.
See AI from both sides now: “AI is an umbrella and there are many really great uses for it that can improve creativity and efficiencies,” says Marcus, whether the users are brands, film and TV producers, creators or performers, as long as they have proper protections.
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Robert J. Sherman, Richard Petretti, Claire Hall
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Robert J. Sherman
Partner; co-chair, entertainment finance practice
Richard Petretti
Claire Hall
Partners
DLA PiperSherman and Hall are at the glowing center of the red-hot music catalog marketplace. In March, the duo secured approximately $500 million in financing for client HarbourView Equity Partners, backed by its music royalty catalog, which includes titles by artists including Pat Benatar and Neil Giraldo, Fleetwood Mac’s Christine McVie, Wiz Khalifa and Brad Paisley. They also repped leading independent music company Concord in its issuance of $850 million in asset-backed notes, which will be used for additional music acquisitions. Meanwhile, Petretti served as administrative agent on JPMorgan’s amendment of its $675 million term loan and revolving credit facility (expandable to $875 million) for Arnon Milchan’s Regency/Monarchy Entertainment group of companies.
Business is good: “We see a maturing of the market for music securitizations and believe that music acquisition platforms sponsored by institutional investors and other sophisticated capital providers will continue to access and grow this subsector of the esoteric ABS [asset-backed securities] market,” says Sherman.
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Francisco Arias
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General counsel and head of business legal affairs
Fifth SeasonArias assisted in securing a $225 million strategic investment from Toho, Japan’s largest film studio, which empowered Fifth Season to continue expanding its premium content slate. He’s provided ongoing oversight of business and legal practices for Emmy-nominated Apple TV+ series “Severance” and Max’s “Tokyo Vice,” and on the film side overseen the thriller “She Rides Shotgun,” starring Taron Egerton, and the comedies “Friendship,” starring Tim Robinson, and “Nonnas,” starring Vince Vaughn.
Election impact on dealmaking: “We could see an easing of regulation on M&A in the media business, which could lead to more consolidation, while possibly boosting companies that have faced challenges being competitive, which is very good for the industry,” Arias says.
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Darrell Miller
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Partner; founding chair, entertainment & sports law department
Fox RothschildMiller repped husband and wife clients Angela Bassett and Courtney B. Vance in numerous matters, including pacts for her to return for “Mission Impossible — The Final Reckoning” and for him to take over the role of Zeus in Season 2 of the Disney+ series “Percy Jackson and the Olympians,” as well as a first-look deal for the couple’s production company with 20th Television. He also closed deals for Chris “Ludacris” Bridges (2024 Super Bowl Halftime Show performance), Da’Vine Joy Randolph (starring roles in A24 rom-com “Eternity” and Michel Gondry’s Universal musical “Golden”) and comedian/host Taylor Tomlinson (Netflix special “Have It All”).
One door opens and …: “I see a paradigm shift breaking up the monopolies, creating more ways to make money and an opportunity for those nimble enough to find a new model and create their niche and build their audience,” Miller says.
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Cynthia Katz, Heidy Vaquerano
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Partners
Fox RothschildKatz and Vaquerano have been working with HarbourView Equity Partners since its founding in 2021, handling all stages of negotiations — from due diligence to post-closing — on more than a billion dollars-worth of deals. This year, they were instrumental in securing $500 million in financing for HarbourView, backed by its music royalties catalog, which includes titles by artists such as Fleetwood Mac’s Christine McVie, Wiz Khalifa, Brad Paisley and James Fauntleroy. The bicoastal duo (Katz is in New York; Vaquerano in Los Angeles) also recently represented Merch Collective in its $25 million-plus majority interest sale to Sony Music Entertainment.
Thinking globally: “There is heightened interest in deals relating to rights originating outside of the United States,” says Katz. “We need to be sure we are helping our clients to appropriately analyze the risk vs. reward tradeoff from exploring unfamiliar jurisdictions.”
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Marc Simon
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Partner; chair of entertainment & sports law department
Fox RothschildSimon is a force in the nonfiction space, closing deals for clients such as Oscar-winning director Sharmeen Obaid-Chinoy (Hulu’s Diane von Furstenberg doc “Woman in Charge”), Alex Stapleton’s House of Nonfiction Prods. (Netflix docuseries about Sean “Diddy” Combs, produced with 50 Cent), longtime AMC Network exec Josh Sapan (overall deal with IFC Films), the Obamas’ Higher Ground Prods. and Bloomberg Media.
Streaming for the future: The continued championing of new talent is something that Simon feels is vitally important to the marketplace. “I would like to see the emergence of a strong, consolidated and commercially viable SVOD platform for the smart and bold independent voices of our time and those to come,” he says.
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J. Eugene (Gene) Salomon Jr., Donald S. Passman, Ethan Schiffres, Daniel S. Passman
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J. Eugene (Gene) Salomon Jr.
Managing partner
Donald S. Passman
Ethan Schiffres
Daniel S. Passman
Partners
Gang, Tyre, Ramer, Brown & PassmanThe Gang, Tyre quartet has a roster of superstar music, film and television clients ranging from Taylor Swift and Stevie Wonder to Timothée Chalamet, Zac Efron and Heidi Klum. In the past year, they amplified their reputation as headliners in the music arena, cutting deals for Green Day’s “Saviors” album and subsequent stadium tour, P!nk’s $693.8 million-grossing Summer Carnival World Tour and the sale of Randy Newman’s recorded music and publishing rights to Litmus Music. On the film and TV side, they brokered Emma Corrin’s appearance in the Marvel blockbuster “Deadpool & Wolverine” and Ridley Scott’s producer and director deal for the upcoming Bee Gees biopic “You Should Be Dancing.”
More cross-cultural opportunities: “You’ve got artists from different parts of the world making an impact,” says Salomon. “It used to be that Anglo-American repertoire dominated what was popular everywhere. That’s becoming less of the case and you’re seeing much more diversity.”
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Kevin Masuda, Benyamin (Ben) Ross, Steve Tsoneff, Sarah Graham
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Kevin Masuda
Partner; co-chair, media, entertainment and technology practice group
Benyamin (Ben) Ross
Partner and co-chair, media, entertainment and technology practice group
Steve Tsoneff
Sarah Graham
Partners
Gibson, Dunn & CrutcherThe Gibson, Dunn & Crutcher quartet advised Iconic Artists Group, co-founded by longtime Eagles manager Irving Azoff, in its strategic investment from HPS Investment Partners, giving Iconic access to $1 billion to further build out its portfolio. It also repped RedBird Capital Partners in its investment in Charles Barkley’s Round Mound Media and its acquisition of indie TV production and distribution company All3Media, and advised on the launch of Gin & Juice by Dre and Snoop Dogg, an alcoholic beverage company founded by Dr. Dre, Snoop, Jimmy Iovine and Main Street Advisors.
Who says deal flow is slow?: “Private equity involvement in M&A in the entertainment industry has accelerated, with a particular focus on catalogs, production companies, content libraries and talent-driven businesses like talent agencies, management firms and talent-founded consumer brands,” said the team in a statement.
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Matt Galsor, Sally James, Alla Savranskaia, Mark Muir
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Partners
Greenberg Glusker Fields Claman & MachtingerThe Greenberg Glusker team worked collaboratively to cut a wealth of headline-grabbing deals, such as Tom Cruise’s strategic partnership with Warner Bros. Discovery and a subsequent pact to make an Alejandro G. Iñárritu film for the studio, both of which were handled by Galsor and Muir. The quartet’s clients also include actors Tom Hanks, Chris Hemsworth, Vin Diesel and Alice Braga, filmmakers Joe and Anthony Russo, James Cameron and David Fincher, authors J.K. Rowling and Jocko Willink, Silent House Prods., costume designer Colleen Atwood, Ubisoft Entertainment, Riot Games, the estates of J.R.R. Tolkien and Ray Bradbury, and Togethxr, (founded by female athletes Alex Morgan, Chloe Kim, Simone Manuel and Sue Bird).
Fair compensation for streaming success: “Nobody has the right formula, and I think the formulas that people are discussing are not going to be the ones that are going to be adopted long-term, because they just don’t work,” says Galsor.
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Sherrese Clarke Soares
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Founder & CEO
HarbourView Equity PartnersLaunched in 2021, Soares’ HarbourView Equity Partners has established itself as one of the hottest investment firms in the entertainment, sports and media markets, with roughly $1.5 billion in assets currently under its management. Recently, Soares invested in two media production companies focused on inclusive storytelling, Charles D. King’s Macro (“Judas and the Black Messiah,” “Mudbound”) and Mucho Mas Media (“The Long Game, “Rosario”).
Growth creates opportunities: “I’ve been consistently focused on high-quality IP, while bringing a big focus on ROI and using data as currency in terms of who is watching and how often, which will help to empower all creative voices,” she says.
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Matthew Johnson
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Partner
Johnson Shapiro Slewett & KoleJohnson has secured over $1 billion in production commitments for Tyler Perry Studios, including Netflix deals that closed in 2024 — a multi-year, first-look series pact and an agreement to produce multiple faith-based films — adding to a deal he made with the streamer in October 2023, calling for eight films over four years. He also handled Perry’s BET series producing agreement and the launch of two free ad-supported streaming channels featuring all of Perry’s BET output. Johnson’s non-Perry work included a joint-venture agreement between Andy and Barbara Muschietti and Skydance to create horror division Nocturna.
Gaming the deflating production bubble: “Platforms are being more discerning in what they are investing in, so we need to work harder to show the value proposition to secure long-term, multi-part deals,” he says.
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Seth Traxler
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Partner
Kirkland & EllisTraxler was at the center of two of the year’s biggest music catalog deals, repping Blackstone in its $1.6 billion purchase of Hipgnosis Songs Fund in April and Universal Music Group in its acquisition of a 25.8% stake in Chord Music Partners for a reported $240 million in February.
Music catalog market comeback: “Most every client I’m in contact with about acquisitions feels that as interest rates hopefully continue to come down and economic conditions improve in different countries, opportunities will re-emerge to acquire catalogs,” he says. “There are still plenty of interesting catalogs at all sizes and all levels to attract different kinds of music companies. We need to work harder to show the value proposition to secure long-term, multi-part deals.”
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Nancy Bruington, Kendall Johnson, Liliana Paparelli Ranger, Jonathan West
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Partners
Latham & WatkinsAs partners in Latham & Watkin’s entertainment, sports and media group, Bruington specializes in debt financing transactions and West handles music catalog acquisitions and represents talent in IP joint ventures and brand sponsorship deals, while Johnson and Ranger are transactional generalists. In the past year, they helped Blumhouse acquire Atomic Monster and buy out ITV’s equity interests in Blumhouse Television; advised Skydance Media in its merger with Paramount; negotiated KKR’s sale of Chord Music Partners; and represented Brittney Griner in an exclusive life rights and producing agreement with ESPN and ABC.
Turbulent times stir up opportunities: “The big way it’s played out is that private capital has become a lot more nimble in the entertainment [space],” says Ranger. “There are new and more investors, and they’re increasingly open to deploying capital across a variety of investment strategies, rather than traditional equity, traditional debt deals.”
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Joshua Grode
Image Credit: Alex J. Berliner/ABImages
CEO
Legendary EntertainmentGrode led Legendary’s buyback of Beijing-based Wanda Group’s remaining equity interest in the studio in October, putting its ownership solely in the hands of its management and private equity investment firm Apollo Global Asset Management. Grode says it gives them the freedom to pursue M&A opportunities “without the augmented regulatory risk that comes from having a foreign owner in our business.” Legendary was able to do it with cash on hand, thanks to back-to-back blockbusters “Dune: Part Two” and “Godzilla x Kong: The New Empire,” which grossed a combined $1.2 billion worldwide.
AI can localize social media posts: “It’s proving to be very efficient in getting adjustments out the door quickly and at a good price point,” he says.
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James Feldman, Stephen Clark, Melissa Rogal, Jonathan Shikora
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James Feldman
Managing partner
Stephen Clark
Melissa Rogal
Jonathan Shikora
Partners
Lichter, Grossman, Nichols, Feldman, Rogal, Shikora & ClarkFeldman cut feature deals for, among others, brothers Benny Safdie (write/direct “The Smashing Machine”) and Josh Safdie (co-write/direct “Marty Supreme”). Feldman and Rogal set Viola Davis for the HBO series “Waller,” while Rogal and Shikora negotiated a multi-script development deal at Amazon for “Poker Face” showrunners Lilla and Nora Zuckerman. Clark serviced clients including Rian Johnson and Ram Bergman (Will Ferrell golf comedy series for Netflix) and “Shōgun” creators Justin Marks and
Rachel Kondo.Why streamers are now providing viewer data: According to Feldman, it’s not just about WGA and SAG-AFTRA contract demands. “It’s also largely driven by the fact that all the streamers are trying to sell ads now, and these advertisers have a lot more leverage than the writers did to demand the equivalent of ratings,” he says.
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Christopher Chatham
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Partner
Manatt, Phelps & PhillipsChatham repped Dr. Phil (McGraw) in the April launch of his television network Merit Street Media, which is available to more than 80 million homes via partnerships with a mix of broadcast, cable, satellite and FAST channel platforms. Other clients include Logan Paul, Gabriel Macht, Demi Moore and Gabrielle Reece.
Products placed just-so: “Now we’re negotiating deals where content, commerce and community blur together,” he says. “Our clients are building robust first-party data operations through their content, then leveraging that to launch everything from spirits, sports drinks, condiments and lifestyle brands. The content is essentially a marketing catalyst for their broader business empire.”
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John Meller
Image Credit: John Meller
Partner
Manatt, Phelps & PhillipsMeller led the Manatt team that advised Chord Music Partners on its sale, in which KKR’s majority stake was bought by a consortium consisting of Universal Music Group and Dundee Partners for $240 million, resulting in a valuation of $1.85 billion after the deal closed in February.
Building out business: “The music industry continues to trend toward artists and songwriters owning and exploiting their own copyrights and relying less on companies and gatekeepers,” he says. “Artists can set their own destiny. We help songwriter clients self-administer and get the most value from their works. Building brands outside of the traditional entertainment industry is also a critical element to an artist’s long-term financial success.”
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Eric Custer
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Partner
Manatt, Phelps & PhillipsOver the past year, Custer handled 23 multi-million-dollar music catalog deals, 21 of which were on the buyer side. Among those were 13 for Reservoir Media Management (including publishing assets of Tupac Shakur producer Big D Evans) and six for Seeker Music (including royalties for B.o.B.). On the seller side, he closed major deals for Pat Benatar and Jay Gruska. He also serves as general counsel for artists including Neil Young and the Pixies.
These are the good ol’ days: It’s been a rocky road for the music industry since Custer launched his career in 1997, but he’s happy where it is today. “Now with the ascendency of streaming, touring and music asset sales transactions, there is never a dull day,” he says.
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Beau Stapleton
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Partner
Manatt, Phelps & PhillipsStapleton advised Pophouse Entertainment on its $300 million acquisition of the catalog, brand name and IP of rock band Kiss and its purchase of a majority share of Cyndi Lauper’s publishing and recording revenue. He also serves as counsel for Jack White’s Third Man Records, recording artists Em Beihold and La Lom, and Emmy-winning director-producer Jeff Zimbalist (“Skywalkers: A Love Story”).
Wolf at the door, thy name is AI: “Performers and songwriters have been fighting for well over a decade to get their fair share of streaming revenues,” he says. “Now, with AI technologies boosting the occurrence of streaming fraud and flooding DSPs with authorless music, artists are facing a new threat to their hard-won share of the streaming ecosystem.”
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Navid Mahmoodzadegan, Carlos Jimenez
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Navid Mahmoodzadegan
Co-founder & co-president
Carlos Jimenez
Global head of media, sports & entertainment
Moelis & Co.Mahmoodzadegan and Jimenez were at the center of Hollywood’s biggest deal of the year, advising Skydance Media on its $8 billion merger with Paramount, which closed in July. “There are lot of transactions that are roller coaster rides,” says Jimenez. “This one was probably the steepest.”
Prospects for the “New Paramount”: “It’s a business that, in totality, obviously has some of its challenges ahead of it,” says Jimenez. “But I’m very bullish about [Skydance’s] David Ellison and the RedBird [Capital Partners] team that they’ve assembled. If anybody’s going to turn the Titanic, I think they will.”
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Eric Greenspan, Steven Arnst
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Partners
Myman Greenspan Fox Rosenberg Mobasser Younger & LightBefore Dead & Company grossed more than $130 million with their 30-day residency at the Sphere in Las Vegas this past summer, Greenspan and Arnst negotiated all-encompassing agreements involving the innovative venue, including ones that secured various rights and clearances for merch and visual IP incorporated into the concert. Greenspan also repped Red Hot Chili Peppers singer Anthony Kiedis in Universal’s option of the movie rights to his autobiography “Scar Tissue” and chef and TV personality Giada De Laurentiis in her spokesperson pact with Oceania Vista cruise ships.
Old school still rules: “There was a moment a few years ago that everybody was chasing TikTok artists and it was almost like TikTok replaced the A&R department,” says Greenspan. If you want to build a long and sustained career, “get out on the road, play your songs, deal with people individually, let them know who you are.”
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Mark Marshall
Image Credit: Virginia Sherwood/NBCUniversal
Chairman, global advertising & partnerships
NBCUniversalMarshall oversaw the team that secured a record $1.25 billion in advertising revenue for NBC’s Summer 2024 Olympics and Paralympics coverage. Seventy percent of the advertisers were Olympics first-timers, contributing $500 million to the final tally, thanks in part to Marshall’s efforts the help smaller marketers break into the once-exclusive television arena via programmatic ad buys.
Trend spotter: “In measuring the impact of advertising, we are evolving from proxies to a certified measurement ecosystem proving the true impact of a client’s media objectives,” he says. “As the feedback loop has strengthened, it is indisputable that the most impactful advertising campaigns are in premium video that is running across linear and streaming.”
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Amy Siegel, Matthew Syrkin, Lindsay Conner, Silvia Vannini
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Amy Siegel
Partner; co-chair of the entertainment, sports and media group
Matthew Syrkin
Partner; co-chair of the media tech group
Lindsay Conner
Silvia Vannini
Partners
O’Melveny & MeyersIn response to lingering challenges from 2023’s strikes, this O’Melveny & Meyers quartet got creative to help clients adapt and thrive. With Siegel in the lead, the team repped Fifth Season in the sale of a 25% stake to Japanese studio Toho for $225 million and advised HighPoint Media Advisors in connection with Shamrock Content Strategy’s acquisition of a media portfolio of more than 550 feature films, 2,000 hours of TV programming and 450 songs. With Cooper running point, they handled several transactions for ITV, including the sell-back of the 45% stake in Blumhouse Television it bought from Blumhouse in 2017 and its co-production agreement with Amazon MGM Studios for the television series “The Better Sister.”
AI drawing industry deeper into uncharted territory: “It’s changing how content is created and how Hollywood does business, creating both opportunities and potential liabilities for our clients,” says Siegel “We are closely following the legal landscape around AI as it continues to evolve.”
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Josh Love
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Partner, entertainment & media group
Reed SmithLove’s focus on the intersection of music, digital media and emerging technologies makes him a trusted representative for emerging and established musical artists, songwriters, music companies and institutional investors. Whether acting as outside counsel to investment collective PleasrDAO, representing South Korea’s YG Entertainment, nu metal band Korn and jazz legend Thelonious Monk’s estate in transactional music matters or serving as Concord Music Group’s lead music attorney on its $468.8 million acquisition of Round Hill Music Fund, Love knows his success depends on his clients’ success.
Doing good works: “We’ve worked on well over $1 billion in music catalog transactions this year, but helping Kesha to establish Kesha Records and seeing her thrive as a fully independent artist is my proudest moment,” says Love.
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Steve Sessa
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Partner; co-chair, entertainment & media industry group
Reed SmithSessa spent a large part of the past year handling major music acquisition deals for clients including Concord, Sony, Lyric, Kobalt, Hipgnosis, Litmus, Shamrock, Seeker, Pophouse and Flexpoint. Other highlights include advising the Smashing Pumpkins on a stadium tour with Green Day and Bon Jovi on various issues (including his Hulu docuseries “Thank You, Goodnight: The Bon Jovi Story”) and assisting Kesha in launching her new record label.
Another record year for music catalog sales predicted: “Simply stated, music rights are a bankable asset class for the financial industry,” he says. “The model works so you will continue to see more buyers enter the space.”
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Leif Cervantes de Reinstein, Shaun Clark, Aerin Snow, Joseph Ireland
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Leif Cervantes de Reinstein
Shaun Clark
Aerin Snow
Partners
Joseph Ireland
Associate
Sheppard, Mullin, Richter and HamptonCervantes de Reinstein and Snow closed high-profile deals for clients including Lionsgate ($375 million acquisition of indie content platform eOne from Hasbro), while serving as outside corporate counsel handling equity financing transactions and joint ventures for 101 Studios (home to Taylor Sheridan’s “Landman,” “Tulsa King” and the “Yellowstone” franchise), including a strategic deal with Paramount Global for multiple series from A-list executive producers including Antoine Fuqua and George Clooney. Clark and Ireland were equally busy, repping Creative Wealth Media Lending in its acquisition of Bron Studios and Sony Pictures in its purchase of Alamo Drafthouse Cinema. Other clients include studios Legendary Pictures and Fremantle and iconic brands such as Peloton, Mazda, QVC and the Hershey Co.
Optimistic about the coming year: “[We] expect that we will continue to see strategic collaborations between companies in different industries, [including] tech companies working with content providers, brands collaborating with celebrities, sports leagues collaborating with entertainers, and networks attempting to find new ways to generate revenue,” says Clark. “The M&A marketplace also looks more bullish.”
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Robert A. Darwell, Ramela Ohanian, Nicolas Urdinola, Tiago Aquino
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Robert A. Darwell
Senior partner; head of global media
Ramela Ohanian
Partner
Nicolas Urdinola
Senior associate
Tiago Aquino
Associate
Sheppard, Mullin, Richter and HamptonThe multilingual team led by Darwell has been busy handling the development, production and rights agreements on a slew of international projects for companies including Meta, Paramount, TelevisaUnivision, Gaumont, Globo and, most significantly, Amazon MGM Studios. As the outside counsel for the latter, they recently worked on deals for the Spanish feature “La Virgen Roja,” the Mexican series “Cada Minuto Cuenta,” the Colombian film “Pimpinero,” starring Medellín-born rock star Juanes, and an eight-part limited series adaptation of Chilean-American author Isabel Allende’s novel “House of Spirits,” which is Amazon’s highest-budget Latin American production to date. For Meta, they assisted its in-house legal team in negotiating the talent agreements for a series of AI chatbots embodying public figures such as Tom Brady, Kendall Jenner and Naomi Osaka.
Look for more experiential entertainment: “It’s bringing new ways for audiences to connect with one another and, on the business side, there’s ancillary revenue streams for both studios and talent,” says Ohanian.
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Matthew C. Thompson
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Partner; co-leader, global entertainment, sports and media practice
Sidley AustinIf Dwayne Johnson were Thompson’s only client, he’d still be a very busy man. In the past year, the attorney handled the launch of the massively muscled multi-hyphenate’s Papatui line of personal care products, the merger of the XFL (which Johnson bought out of bankruptcy in 2020 with ex-wife Dany Garcia and other investors) with the USFL to create the United Football League in partnership with ESPN and Fox, and a deal for him to join the board of WWE parent company TKO Group Holdings, re-enter the ring and take full ownership of his nom de wrestling “The Rock.”
Placing more bets on original IP: “While that might not be the wisest move from a pure economics standpoint, with a more diverse landscape of bold new content, it will increase competition for people’s eyes and ears,” says Thompson, who also repped “Call Her Daddy” podcast host Alex Cooper in her new $125 million deal with SiriusXM.
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Simran A. Singh
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Managing Partner
Singh, Singh & TraubenA onetime in-house lawyer for Universal Music, Singh occasionally moonlights as a producer, most recently with the 2024 Peacock docuseries “Reggaeton: The Sound that Conquered the World,” which he exec produced with client Daddy Yankee. But his day job is cutting deals for the likes of Missy Elliott (“Out of This World” tour), Latin music star Ozuna (publishing catalog sale to Kobalt/KMR Holdings), Flow La Movie (catalog sale to Cinq Music), FloyyMenor (deal with UnitedMasters) and Grupo Firme (new distribution agreement with Virgin and publishing deal with Universal).
The power of music catalog sales: “This trend has reshaped how legacy artists, songwriters and producers approach their long-term financial strategies,” he says.
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David Eisman, Glen Mastroberte
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David Eisman
Partner; head of media and entertainment group
Glen Mastroberte
Partner, media and entertainment group
Skadden, Arps, Slate, Meagher & FlomM&A specialists in the entertainment sector, Eisman and Mastroberte kept busy working on transactions spanning film, television, music, gaming and sports as the industry recovered from last year’s strikes. They’ve helped indie music labels like Drake’s OVO Sound and DJ Khaled’s We the Best Music strike major deals, and represented Parkwood Ventures in Beyoncé’s joint venture with Moët Hennessy and the development, marketing and launch of her SirDavis whisky brand.
Proudest moment in 2024: For Eisman, it was handling UTA’s acquisition of top European soccer agency Roof. “That was the largest deal that UTA has ever done in its history,” he says.
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Rick Offsay, Justin Hamill
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Rick Offsay
Partner; global co-chair, entertainment, sports & media practice
Justin Hamill
Partner; global co-chair, mergers & acquisitions and private equity practice
Latham & WatkinsHamill and Offsay tackle complex strategic transactions, like advising Skydance Media in a merger with Paramount and an investor group in a $8 billion-plus investment in Paramount Global and the acquisition of National Amusements. Separately, Offsay advised Carlyle in providing an $800 million asset-backed credit facility to Park County (“South Park”), while Hamill advised Endeavor in a $25 billion take-private acquisition of the company by Silver Lake.
Staying ahead of the curve: “Comcast’s recent spin out of its cable networks, and Warner Brothers — [which has gone] through a number of transactions, including with Discovery — now needs to figure something else out,” says Offsay. “All of these legacy media companies are trying to figure out the next thing.”
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Maria Anguelova
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Exec VP, global head of corporate
Sony Pictures EntertainmentAnguelova played a key role in securing Sony Pictures Entertainment’s acquisition of the dine-in theater chain Alamo Drafthouse Cinema, marking the first time a major studio has re-entered the theatrical exhibition business since the 1948 Paramount Consent Decrees were lifted in 2020. The studio plans to harness Alamo’s four million loyalty club members to “eventize” its IP, including content from anime-centric subscription VOD streamer Crunchyroll.
Managing the downturn: “Certainly, our offer structures are adapting and becoming more nuanced to be reflective of the new realities of the market, and to align with both seller and buyer interests,” says Anguelova. “The market is showing resilience for premium companies despite current challenges, as evidenced by recent high-profile transactions like the All3Media sale to RedBird.”
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Greg Akselrud, Cathleen Green
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Greg Akselrud
Partner; chair of internet, digital media and entertainment practice
Cathleen Green
Senior counsel
Stubbs Alderton & MarkilesInfluential Network could’ve used a big white shoe law firm to handle its $500 million acquisition by Publicis Groupe. Ex-Disney exec Ben Sherwood and former Hearst chief content officer Joanna Coles could’ve done the same when they took the editorial reins at the Daily Beast in a deal that gave the duo close to a 50% equity interest in the publication. Instead, they called on mid-size Sherman Oaks-based Stubbs Alderton & Markiles. According to Akselrud, it’s because not only are they well-versed in the issues, they also have the ability to see the blind spots in a deal and “think around the corner.”
Can’t sell a new product on stars power alone: “You need to have a celebrity with a relatively decent following to launch the brand, but then you really must have marketing dollars to facilitate the growth,” says Akselrud.
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Ole Obermann
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Global head of music business development
TikTokObermann played a key role in bringing Universal Music Group catalog back to TikTok in May 2024 with a new licensing agreement featuring enhanced AI protections. He’s also provided promotional and creative support for the platform’s partnerships with artists including Taylor Swift, Billie Eilish, Sabrina Carpenter and Post Malone.
No need to panic about AI: “A year and a half ago, the feeling in the music industry was the sky might be falling because AI is coming at us in a fast and furious way, and we don’t know if we have the right guardrails,” he says. “We had ‘Fake Drake’ [in April 2023] and a couple of other cultural moments with AI in music, but it’s gone pretty quiet, if you think about it.”
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Justin Connolly
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President, platform distribution
The Walt Disney CompanyDisney’s roster of networks (including ABC, Disney-branded channels, ESPN, FX and National Geographic) had been dark on DirecTV for nearly two weeks in September before Connolly, serving as chief negotiator, hammered out an agreement. The multi-billion-dollar deal he facilitated covered carriage of the Mouse House’s linear channel portfolio, as well the option for consumers to subscribe to its streaming services (Disney+, Hulu, ESPN+) via select DirecTV packages or on an a la carte basis.
The upside to bad times: According to Connolly, the production downturn “has created greater demand for content in the marketplace and more opportunities for us to strategically license our best-in-class, non-branded library content to third parties.”
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Adam Glick, Matt Matzkin, Shanon Muir
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Adam Glick
Exec VP, business operations, Warner Bros. Television
Matt Matzkin
Exec VP, operations, Warner Bros. Unscripted Television and Warner Bros. Animation
Shanon Muir
Senior VP, legal, Warner Bros. Television Group — Animation
Warner Bros. Television GroupCollectively, this Warner Bros. trio handled the dealmaking for just under 90 series for a multitude of platforms. Glick cut straight-to-series deals for an untitled HBO comedy from Bill Lawrence starring Steve Carell and the John Wells’ medical drama “The Pitt.” On the unscripted side, Matzkin launched the Food Network’s “Harry Potter: Wizards of Baking,” Max’s “Fast Friends” and the syndicated “True Crime News” and secured renewals for “Extra” and “The Jennifer Hudson Show.” Muir negotiated three new Cartoon Network series orders for “Foster’s Funtime for Imaginary Friends,” “Adventure Time Side Quests” and an untitled “Regular Show” project.
Dealing digital supplements: “We have a number of podcasts that we produce on our own, and we’re also collaborating with other podcasts that are not produced by us, and trying to get our talent on to them,” says Matkzin.
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Shaun Gordon
Image Credit: Ashley Moreno
Partner
Weintraub TobinGordon negotiated several headline deals for “Call Her Daddy” host and executive producer Alex Cooper, including a new multi-year $125 million pact with SiriusXM that will bring Cooper’s Unwell Network family of podcasts to the platform beginning in 2025. Other clients include actors Diane Lane and Zosia Mamet, podcasters Guy Raz and Caleb Pressley, novelist/screenwriter Maria Semple, dancer/singer/social media personality Niana Guerrero and actress/writer/comedian Jenny Lorenzo.
Added visuals mean bigger bucks: “Video podcasts continue to gain popularity, and video has therefore become a key element, not only in driving audience engagement, but also providing great opportunity for promotion via clips on social media,” he says.
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Ariel Emanuel, Nick Khan, Mark Shapiro, Andrew Schleimer
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Ariel Emanuel
CEO, TKO
Nick Khan
President, WWE
Mark Shapiro
President & chief operating officer, TKO
Andrew Schleimer
Chief financial officer, TKO
WWELast year, Endeavor merged Ultimate Fighting Championship with World Wrestling Entertainment under the TKO Group Holdings banner. In January 2024, TKO’s leadership quadrumvirate closed a $5.2 billion, 10-year deal to make Netflix the exclusive home of WWE’s flagship show “Raw” in the U.S., Canada, U.K., Latin America and other territories beginning in January 2025. As part of the pact, Netflix will be the home for all WWE shows and specials outside the U.S. from that date forward, giving roughly 80% of international territories immediate access to 100% its content, with the rest of the globe filling out their WWE lineups as outstanding deals expire.
Added value with Netflix: “While the money is extraordinarily important, the downstream impact and ancillary benefits to being with the distributor and just south of 300 million homes globally was something that got us very excited,” says Schleimer.
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Kevin Yorn
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Co-founder & managing partner
Yorn Levine Barnes Krintzman Rubenstein Kohner Endlich Goodell & GellmanYorn kept his 29-year-old firm at the front of the entertainment law pack in 2024, cutting deals for clients including Scarlett Johansson (starring role in “Jurassic World Rebirth”), Ellen DeGeneres ($20 million pact for Netflix comedy special), Zoe Saldaña (Golden Globe-nominated role in “Emilia Pérez”), Jonah Hill (write, produce and act in Apple TV+ movie “Outcome”) and Matthew McConaughey (Apple TV+ series “Brother From Another Mother”).
Belt and suspenders treatment for AI: “We try to make sure that we add extra protection on top of what SAG has achieved with respect to studio deals for film and television,” he says. “We try for a zero-use policy across the board but are always open to see if AI can be beneficial for all concerned.”
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Stephen Barnes
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Partner
Yorn Levine Barnes Krintzman Rubenstein Kohner Endlich Goodell & GellmanBarnes has been in the Snoop Dogg business for more than a quarter of a century, and business was very good this year, with the attorney closing deals for the rapper’s high-profile role in NBC’s Summer Olympics coverage and his judge gig on the network’s singing competition show “The Voice.” He did that while simultaneously helping set up his premium spirits company Still G.I.N., launched in partnership with Dr. Dre.
Buckle up for Trump 2.0: “There may be an initial chilling effect on diverse hiring and productions,” he says. “And with such a vast ideological divide within the entertainment industry and beyond, some may be denied employment or access to capital based on their views.”
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Jeff Endlich
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Partner
Yorn Levine Barnes Krintzman Rubenstein Kohner Endlich Goodell & GellmanEndlich recently negotiated comedian Bert Kreischer’s deal for two upcoming Netflix stand-up specials, and director/producer pacts for Taika Waititi’s Sony feature adaptation of Kazuo Ishiguro’s novel “Klara and the Sun,” starring Amy Adams, and Jaume Collet-Serra’s Netflix thriller “Carry On,” starring Taron Egerton. He also set D’Pharaoh Woon-A-Tai to star in A24’s “Warfare.”
World domination has its benefits: “Given the global reach of the major streaming platforms, there’s greater opportunity to work with international clients and make innovative deals with foreign production companies that have partnered with the streamers to produce programs for both a U.S. and worldwide audience,” he says.
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John Branca
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Partner
Ziffren BrittenhamAs the co-executor and manager of Michael Jackson’s estate, Branca engineered a 50% sale of the late superstar’s music publishing and record masters to Sony Music worth a reported $600 million, while retaining control for the estate, which to date has yielded $2 billion from productions including the Tony-winning “MJ: The Musical.”
Disruption on endless rotation: “When you trace the effect of technology in the industry, whether it went from piano rolls to wax discs to albums, and 45s to free download to streaming, it keeps changing the industry,” Branca says. “The most important thing that content owners are doing is trying to protect their IP rights from being basically taken for free while somebody else creates a new asset.”
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