The massive AT&T-Time Warner deal could mean up to $390 million in fees for Wall Street banks

AT&T is buying Time Warner for a whopping $107.50 per share, or $85.4 billion.

If completed, it would be the largest deal announced this year, and could make for a huge payday for the Wall Street banks advising the two companies.

The New York Times on Sunday reported that Perella Weinberg, Bank of America Merrill Lynch, and JPMorgan are advising AT&T on the buy-side, while JPMorgan and Bank of America Merrill Lynch are providing a $40 billion bridge loan.

Meanwhile, Allen & Co, Citigroup, and Morgan Stanley are advising Time Warner on the sell-side.

Here's what those firms could earn in fees, according to the consultant Freeman & Co.:

• AT&T buy-side advisory: $90-120m to advisory group (Perella Weinberg, Bank of America, JPMorgan)
• AT&T $40b bridge loan: $110-130m to arrangers (led by JPMorgan and Bank of America)
• Time Warner sell-side advisory: $110-140m to advisory group (Allen & Co, Citigroup, Morgan Stanley)

On Monday, four more acquisitions were announced, which together could provide an additional $200 million in advisory fees to Wall Street banks.