Old Man Murdoch* Snatches Food From Bankers’ Children’s Mouths

*This is a nickname given to him by the neighborhood kids, not a description.

Investment banks working on 21st Century Fox’s aborted $70bn bid for Time Warner are counting the cost of the deal’s failure, having missed out on a $420m fee bonanza. If the deal had progressed, transaction advisory fees of $170m would have been split between Goldman Sachs and Centerview, which were advising 21st Century Fox, and Citibank, which was advising Time Warner, according to several people familiar with the matter. John Nallen, 21st Century Fox’s chief financial officer – and the financial architect of the now expired proposal – brought in JPMorgan, Goldman Sachs, and Deutsche Bank to handle the debt financing. They were working on a $25bn bridging loan – one of the largest ever takeover loans – and would have shared additional fees of up to $250m had the deal succeeded, the people added.

Banks miss out on $420m in fees [FT]

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10 Responses to “Old Man Murdoch* Snatches Food From Bankers’ Children’s Mouths”

  1. guest says:

    headline excellence and mouseover made me lol.

  2. Guest says:

    I'm sure he will blame it on Obama. He looks like he smells like a combination of Nilla wafers and mothballs and has 3 unwrapped butterscotch candies in his jacket pocket. Old decrepit bastard.

    Lloyd is probably drawing up the contract on him right now, he's going to use Gasparino's people for it.

    • guest says:

      1. he definitely will blame it on obama.
      2. thank you for perfectly articulating my thoughts on what he looks/probably smells like!

    • judgesmails says:

      Now that you mention it, I plan on smelling like scotch, cigarrettes and baby wipes when I'm that age. Maybe a hint of aXe, too…

    • J. Shazar says:

      Why would Rupert Murdoch smell like my special friend from the playground?

  3. Rupe Murdy says:

    "here, let me dip my balls in vegemite for you."

  4. Cartier Salesgirl says:

    Sorry you have to return your watch since you spent the commission before it got paid. On a plus side, this guy is putting my kids through college the way he spends money on our new adult diaper products.