This man just lost $80 million on the Comcast-Time Warner Cable deal
The $80 million was a "termination fee."
After Time Warner Cable sold, it would no longer need a CEO - so Marcus was going to have to exit the company (with a lot of money).
Today brought bad news for Marcus. The sale of Time Warner Cable just fell through.
Time Warner Cable will still need a CEO.
So Marcus is going to have to keep his job.
There goes his $80 million.
Marcus is not the only one hurting: CFO Arthur Minson was also set to receive a severance package. His was worth $27 million.
Also: Time Warner Cable itself will not be getting a breakup fee from Comcast.
That means Time Warner Cable won't get paid a usually standard fee that acquisition targets get paid when their buying suitors go away.
Generally, a deal's breakup fee is around 4%.
So, for the $45.2 billion transaction that is now swirling the drain, that means Time Warner Cable agreed to drop a $180 million breakup fee.
Some of the failed deal's other big losers are a number of Wall Street banks. Both enormous investment banks and tiny boutique firms stand to lose tens of millions.
The list includes: JP Morgan, Paul J. Taubman (who is now heading Blackstone's advisory business, set for an IPO later this year), Barclays, Morgan Stanley, Citigroup and boutiques Allen & Co. and Centerview Partners.