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The Peacock has bought itself some culture. In a deal valued at $1.25 billion, the National Broadcasting Company, Inc., acquired Bravo Cable Network, the arts and entertainment channel controlled by Cablevision Systems Corporation. In exchange for Cablevision’s 80 percent stake in Bravo, NBC gave up its approximately 16 percent interest in Cablevision and handed over 12.5 million shares in General Electric Company, NBC’s parent. Metro-Goldwyn-Mayer Inc., which owned the remaining 20 percent of Bravo, received $250 million in cash for its stake from NBC. The deal, which closed in December, is yet another sign of the growing importance of cable for the broadcast networks. NBC already has a presence in cable with MSNBC and CNBC, but Bravo is the company’s first entertainment acquisition. Bravo reaches more than 68 million households. For acquiror National Broadcasting Company, Inc. (New York) In-house: M&A: Executive vice president and general counsel Lawrence Tu, vice president- corporate and transactions law Elizabeth Newell, and corporate and transactions counsel Andrew Yonteff. Other matters: vice president- employment law Charles Fournier, attorney-NBC Cable Sandy Galman, director- program and talent contracts Craig Kurland, senior intellectual property counsel Gillian Lusins, interactive media counsel Lauren McCollester, and senior vice president-law and deputy general counsel Susan Weiner. Shearman & Sterling (New York): M&A: John Marzulli, Jr., and associates Scott Hirst, Yukiko Kojima, Stephen Lee, Scott Petepiece, Vaijayanthi Raghunathan, Daniel Schafer, and Harold Varah. Capital markets: Robert Evans III. Executive compensation/ employee benefits: Linda Rappaport and associates Mark Gelman and Amy Gitlitz. Litigation: David Klein and associates Chad Yohn and Tembani Xaba. Shearman’s Marzulli has represented General Electric in the past, and last year worked on the sale of GE’s Global eXchange Services, Inc. This is Shearman’s first major transaction for NBC in recent years. When NBC acquired the Spanish-language broadcast company Telemundo Holdings in 2001, it used Weil, Gotshal & Manges. Cahill Gordon & Reindel (New York): Tax: L. Howard Adams, Benjamin Cohen, and associates Natalie Fay and Jay Geiger. Cahill has worked on tax matters for NBC in the past. Arnold & Porter (Washington, D.C.): Antitrust: special counsel Myles Hansen and associate Susan Hinchliffe. (Hinchliffe is in the firm’s London office.) Arnold & Porter regularly provides antitrust advice to NBC’s parent, General Electric. For target Rainbow Media Holdings, Inc. (Jericho, New York) In-house: General counsel and senior vice president-business affairs David Deitch and vice president and associate general counsel Kenneth Goorin. (Rainbow Media, which owns Bravo, is a subsidiary of Cablevision.) For seller Cablevision Systems Corporation (Bethpage, New York) In-house: Senior vice president-tax Philip D’Ambrosio and senior vice president and deputy general counsel Victoria Salhus. Sullivan & Cromwell (New York): Robert Downes, William Indoe, John Mead, Yvonne Quinn, special counsel Joshua Bressler, and associates Paul Golding, John Sweet, and Peter Tseng. Sullivan & Cromwell is Cablevision’s principal corporate counsel. For seller Metro-Goldwyn-Mayer Inc. (Santa Monica) In-house: Senior executive vice president and general counsel Jay Rakow. Fried, Frank, Harris, Shriver & Jacobson (New York): Linda Blumkin, Thomas Christopher, Stephen Fraidin, Allen Kezsbom, Sheldon Raab, and associates Ipek Candan, Heather Clefisch, Israel David, Gejaa Gobena, and Grace Park. MGM is a longtime client of Fried, Frank.

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