​Hughes Hubbard Helps Viacom Acquire Stake in Defy Media

Hughes Hubbard & Reed represented media giant Viacom Inc. in the sale of several of its digital gaming assets, including Shockwave and Addicting Games, to digital media company Defy Media in return for a minority stake.
 
The companies announced the deal on June 9. Terms of the deal were not disclosed.
 
Defy Media, formed last year by the merger of Alloy Digital and Break Media, reaches more than 155 million viewers monthly through its online video channels and has more than 40 million YouTube subscribers. The two companies also agreed to work together on marketing and content syndication.
 
"We formed Defy with the belief that our infrastructure and brands represent the strongest platform in digital media for reach and scale to the 13-34-year-old audience and with Viacom's partnership we now have additional assets and support to fulfill that vision," said Defy CEO Matthew Diamond. "These outstanding brands represent meaningful and diverse revenue opportunities we aim to expand across our existing brand portfolio."
 
The deal made headlines in The Wall Street Journal, Variety, The Hollywood Reporter and other news outlets.
 
Viacom's media networks, including MTV, Nickelodeon and Comedy Central, reach approximately 700 million households worldwide.
 
Chuck Samuelson led the Hughes Hubbard team, which included Jim Bluck, Andy Braiterman, Dan Schnapp, David Schwartz, Celeste Pozo, Michael Traube, David Gold, Veronica DiCamillo, Valerie Clark, Jillian Kane, Emilio Saiz, David Gershel and Alexis Robinson.