On April 11, 2014, Graham Holdings Company and Berkshire Hathaway Inc. announced that they have signed an agreement for Berkshire Hathaway to acquire a wholly owned subsidiary of Graham Holdings Company that includes WPLG, a Miami-based television station, a number of Berkshire Hathaway shares currently held by Graham Holdings Company and an amount of cash in exchange for approximately 1.6 million shares of Graham Holdings Class B common stock currently owned by Berkshire Hathaway and its subsidiaries. Cravath is representing Graham Holdings Company in connection with this transaction.

The specific number of shares of each company and the amount of cash will be determined on the closing date based on certain factors, including the market prices of the shares of both companies at that time.The transaction is subject to regulatory approvals and other customary conditions. An agreement in principle was previously announced on March 12, 2014.

The Cravath team includes partner Eric L. Schiele and associate Amanda R. Fenster on corporate matters and partner Michael L. Schler and associate Kara L. Mungovan on tax matters.