AT&T's more than $85 billion deal -- $107 billion if debt is included -- for Time Warner will lead to big advisory fees for Wall Street firms. But Goldman Sachs was notably shut out of the deal. According to regulatory filings about the blockbuster merger, boutique media banking firm Allen & Co, Citigroup and Morgan Stanley advised Time Warner (TWX). JPMorgan Chase, Bank of America's Merrill Lynch unit and another smaller specialty investment bank, Perella Weinberg, were the advisers to AT&T (T, Tech30). BofA and JPMorgan also provided $40 billion in loans to AT&T for the deal.

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