Several Wall Street banks are set to split a $100 million payday from the deal between cable channel operators Discovery Communications and Scripps Networks Interactive.
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WALL STREET PAYDAY: Banks could reap $100 million from the Discovery-Scripps deal (DSCA, SNI, JPM, GS)
Guggenheim, Goldman Sachs, Allen & Co., JPMorgan, and Evercore are set to divvy up $100 million in fees for the $14.6 billion Discovery-Scripps merger.
A huge deal for these six investment banks.
Discovery, which owns channels like Animal Planet and Discovery Channel, said Monday it will pay $14.6 billion to acquire Scripps, adding HGTV, Travel Channel, and Food Network to its roster.
Six banks — including boutiques Guggenheim Partners, Allen & Co., and Evercore — advised on the deal.
Guggenheim and Goldman Sachs advised Discovery, and they'll split the vast majority of about $45 million in fees, according to Jeffrey Nassof, director of consulting firm Freeman & Co.
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UBS will take a small slice for advising Discovery shareholders — which include the Newshouse family, one of the richest in the world with a net worth of more than $18 billion, and billionaire telecom magnate John Malone.
Scripps' bankers, Allen & Co. and JPMorgan, will split the lion's share of an estimated $55 million in advisory fees, Nassof said.
Evercore will take a much smaller cut for advising the shareholders, primarily the Scripps family, which is also one of the wealthiest families on earth with a fortune north of $7 billion.
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