The top five executives at Scripps Networks Interactive could take severance packages worth more than $150 million combined once the company formally merges with Discovery Communications, according to a joint filing with the Securities & Exchange Commission.
Nearly two-thirds of that would go to Scripps Networks CEO Ken Lowe: a $91.9 million golden parachute, assuming his termination “immediately following the change in control,” according to the joint proxy statement/prospectus. The payment would be a mix cash, equity, pension enhancements, benefits and tax reimbursement.
Lowe is likely to depart the company since the merger deal includes a seat created for him on Discovery’s board of directors. The agreement includes a one-year noncompete agreement.