Documents filed Thursday with the SEC reveal that Scripps Networks CEO Ken Lowe’s “golden parachute” from the company’s agreement to sell to Discovery Communications could bring him $91.6 million, David Lieberman writes on Deadline.
“His package would consist of $20.0 million in cash severance, $37.4 million in equity, $9.1 million from pension enhancements, $174,605 in benefits, and a $24.9 million tax gross-up,” Lieberman writes. The tax gross-up essentially amounts to the company’s picking up the tab for any tax liability.
“In July, Discovery agreed to pay $11.9 billion in stock and cash and assume $2.7 billion in Scripps Networks debt for the programmer best known for HGTV, the Food Network, and the Travel Channel,” the report notes. “Lowe plans to join Discovery’s board when the deal closes.”