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

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*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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