Kirkland & Ellis advised Charter Communications, Inc. (NASDAQ: CHTR), a leading broadband connectivity company and cable operator, on its joint venture with Comcast Corporation (NASDAQ: CMCSA), a global media and technology company, to develop and offer a next-generation streaming platform on a variety of branded 4K streaming devices and smart TVs. The joint venture will offer app developers, streamers, retailers, operators, and hardware manufacturers the opportunity to reach customers in major markets across the country with the platform. Comcast will license Flex, its aggregated streaming platform and hardware to the joint venture, contribute the retail business for XClass TVs and also will contribute Xumo, a streaming service it acquired in 2020. Charter will make an initial contribution of $900 million, funded over multiple years. The closing of the joint venture is subject to customary closing conditions.
The Kirkland team was led by corporate partners Michael Brueck and Romain Dambre and associates Christina Shin and Jermaine Cherry, technology & IP transactions partners Neil Hirshman, Adam Petravicius and Frank Wei and associate Seth Pritchard, and tax partners Jared Rusman and Steven Ort.