Simpson Thacher is representing Weight Watchers International, Inc. (“Weight Watchers”) in connection with its formation of a “groundbreaking partnership” with Oprah Winfrey. Ms. Winfrey and Weight Watchers have entered into a Strategic Collaboration Agreement with an initial renewable 5 year term that provides that Ms. Winfrey will consult with Weight Watchers and participate in developing, planning, executing and enhancing the Weight Watchers program and related initiatives, and provide it with certain promotional and other services. The Strategic Collaboration Agreement among other things also provides non-compete provisions for the benefit of Weight Watchers and mutual trademark and intellectual property grants. As part of the strategic partnership, Ms. Winfrey is purchasing shares of common stock of Weight Watchers representing approximately 10% of Weight Watchers’ issued and outstanding common stock, and was granted stock options representing approximately 5% of Weight Watchers’ issued and outstanding common stock on a fully diluted basis (after giving effect to her newly purchased shares). Ms. Winfrey is also joining the Weight Watchers Board of Directors.
Weight Watchers is the world’s leading commercial provider of weight management services. Weight Watchers holds more than 36,000 meetings each week where members receive group support and learn about healthy eating patterns, behavior modification and physical activity. Weight Watchers also provides innovative, digital weight management products through its websites, mobile sites and apps.
The Simpson Thacher team includes Rob Spatt, Ken Wallach, Hui Lin, Ravi Purushotham, Emily Nagle and Michael Milano (Corporate); David Rubinsky, Jamin Koslowe and Holly S. Gurian (Executive Compensation and Employee Benefits); Jennifer Nadborny, James Rapp and Joia Lee (PCAP); and Brian Steinhardt (Credit).