Several Wall Street banks are set to split a $US100 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 $US14.6 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 will split the vast majority of about $US45 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 $US55 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 $US7 billion.
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