Scripps Networks CEO in line for $91.6M after Discovery sale

Kid Chef Zach Hofen during the Fusion Impossible, Cookoff Challenge, as seen on Food Network's Rachael Ray's Kids Cook-Off, Season 1
(Food Network/Scripps)

Scripps Networks CEO Kenneth Lowe is due for a tidy “golden parachute” compensation package if Discovery Communications completes its proposed $14.6 billion acquisition of his company.

According to an SEC filing surfaced by Deadline, Lowe would receive $19.98 million in cash severance, $37.39 million in equity, $9.09 million in pension enhancements, $174,605 in benefits and $24.91 million in tax gross-up, all together totaling about $91.56 million.

Discovery explains in its filing that the amounts are based on multiple assumptions and that actual awarded compensation packages could materially differ.

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Other Scripps execs are also in line for lucrative exit packages. COO Burton Jablin could receive $34.91 million total, and Chief Financial and Development Officer Lori Hickok could receive nearly $12 million.

RELATED: Discovery acquiring Scripps for $14.6B

In July, Discovery announced the Scripps deal, which is valued at $90 per share. The companies expect the transaction to close by early 2018.

The combined companies are expecting cost synergies of approximately $350 million.

The combined company will produce approximately 8,000 hours of original programming annually, be home to approximately 300,000 hours of library content and will generate a combined seven billion short-form video streams monthly, according to a news release.

"We believe that by coming together with Scripps, we will create a stronger, more flexible and more dynamic media company with a global content engine that can be fully optimized and monetized across our combined networks, products and services in every country around the world," said David Zaslav, president and CEO of Discovery Communications, in a statement.

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