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Covington Advises Microsoft in Sale of its Stake in ContentGuard

November 2, 2011

SAN FRANCISCO, November 2, 2011 — Covington & Burling LLP represented Microsoft Corporation in the sale of its minority interest in ContentGuard Holdings, Inc. to Pendrell Technologies LLC. ContentGuard, based in El Segundo, Calif., is a leading inventor, developer and licensor of digital rights management (DRM) and related content distribution patents and technologies.

Pendrell Technologies, a subsidiary of Pendrell Corporation, paid $90.1 million in cash to acquire 90.1 percent of the outstanding capital stock of ContentGuard from the prior shareholders, including Microsoft, Technicolor and Time Warner Inc. Time Warner retained a 9.9 percent equity interest in ContentGuard.

The Covington team, based in San Francisco and Washington, DC, was led by partner Bruce Deming. Also advising on the transaction were associates Ingrid Rechtin and Brad Chernin (corporate), Lindsay Kitzinger (tax), and partner Daniel Luchsinger (tax).

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