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WALL STREET PAYDAY: Banks could reap $100 million from the Discovery-Scripps deal

Alex Morrell   

WALL STREET PAYDAY: Banks could reap $100 million from the Discovery-Scripps deal
Finance2 min read

Bourse traders pour champagne after the last trading day at Frankfurt's stock exchange in Frankfurt, Germany December 30, 2015. REUTERS/Ralph Orlowski

Thomson Reuters

A huge deal for these six investment banks.

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.

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.

UBS will take a small slice for advising Discovery shareholders rather than the company overall.

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 one of the wealthiest families on earth with a fortune north of $7 billion.

Get the latest Goldman Sachs stock price here.

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