Investment banks earn more than $ 320m from WarnerMedia sales to Discovery

Investment banks earned more than $ 320m from AT & T’s WarnerMedia sales to Discovery, just five years later the same advisers made a hefty fine for selling a group of journalists to a US phone company.

AT&T agreed to move and merge WarnerMedia with partner Discovery earlier this year at a much lower price than they paid to find the entertainment team in 2016.

New York-based retail bank Allen & Co received $ 75m in donations from Discovery while banks in JPMorgan received $ 15m in technical services and another $ 140m in funding, according to Discovery.

WarnerMedia consultants combined Goldman Sachs, who received $ 47.8m, with commercial bank LionTree, which earned $ 43.1m, according to a Refinitiv estimate.

Five years ago, banks including Allen & Co and JPMorgan made $ 234m after AT&T agreed to buy WarnerMedia – renamed TimeWarner – $ 85bn, according to Refinitiv.

Allen & Co, a shameless company that does not have a website, received $ 50m in advising WarnerMedia to sell at AT&T while Citigroup and Morgan Stanley earned $ 50m and $ 40m, respectively. JPMorgan, Perella Weinberg Partners and Bank of America each made $ 31.2m from technology to AT&T.

AT&T officials received $ 9m in bonuses on the discovery that has been removed now.

Wall Street banks this year enjoyed the cash flow above $ 100bn from advising on mergers and acquisitions for business growth, which exceeded $ 5tn for the first time.

Media dealmaking has become one of the biggest drivers of boom as companies are rushing to compete with advertising services such as Netflix. Earlier this year, Amazon buys MGM, a $ 8.5bn video studio behind James Bond.

AT&T’s partnership with Discovery, which creates a company with a business value of $ 132bn, reflects the speed at which media groups are competing in competitive prisons. The monetary value of banks guarantees the maximum profit that is incurred in conjunction with the distribution of customers’ sales.

The sale, led by AT&T CEO John Stankey and Discovery CEO David Zaslav, combines Discovery recordings, from nature to history, with state-of-the-art media items including Warner Bros studios, the HBO network behind the TV . Follow-up, and television broadcasts including CNN.

JPMorgan, Goldman Sachs and LionTree declined to comment. Allen & Co does not have a lot of media connection.