Davis Polk is advising Cerberus Capital Management, L.P. in connection with its investment in shares of convertible preferred stock of Comscore, Inc. alongside Charter Communications, Inc. and Qurate Retail Inc., for an aggregate investment of $204 million ($68 million per investor). Cerberus will receive 27.5 million convertible preferred shares and be entitled to an annual cash dividend of 7.5% for its investment.
Founded in 1992, Cerberus is a global leader in alternative investing with over $50 billion in assets across complementary credit, private equity and real estate strategies. With a data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore allows media buyers and sellers to quantify their multiscreen behavior and make business decisions with confidence. Charter is a leading broadband connectivity company and cable operator serving more than 30 million customers in 41 states through its Spectrum brand. Qurate operates and owns interests in a broad range of digital commerce businesses. Qurate’s businesses and assets consist of QVC (and its subsidiaries, including HSN), Zulily and the Cornerstone Brands (collectively, the Qurate Retail Group) as well as various green energy and other investments.
The Davis Polk corporate team includes partner William J. Chudd and associates Michael Gilson and Ashtyn Ka. Partner Mark J. DiFiore and counsel Katharine O'Banion are providing capital markets advice. The tax team includes partner William A. Curran and associate Aliza Slansky. Partner Adam Kaminsky is providing executive compensation advice. Partner Pritesh P. Shah is providing intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices.