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How Did Reruns of ‘Seinfeld’ Make Steve Bannon Rich?

Thanks to a deal he made nearly 30 years ago as an investment banker, new White House Chief Strategist Steve Bannon receives money for each and every single episode of Seinfeld that runs in syndication. Long before he became the CEO of Donald Trump’s campaign and Breitbart News’ executive chairman, Bannon and a few colleagues left Goldman Sachs to launch Bannon & Co., a firm that oversaw the Ted Turner’s acquisition of Castle Rock Entertainment, which was founded in 1987. According to Bloomberg, when Turner was ready to make the purchase, he didn’t have the necessary funds to seal the deal and pay Bannon his requisite adviser’s fee. Rather than walking away from the transaction, Bannon opted to receive stakes in five of Castle Rock’s television shows, including Seinfeld.

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