News


Sloan, Sagansky launch new investment vehicle with $250m IPO

Harry SloanIndustry veterans Harry E. Sloan and Jeff Sagansky are launching a new company, Silver Eagle Acquisition Corp., on the back of a US$250 million initial public offering.

The pair has formed the company two years after they raised US$190 million for their Global Eagle Acquisition imprint, which is sponsoring the new venture.

The IPO comprises an offer of 25 million shares at US$10 per share, with underwriters given a 45-day option to purchase up to 3.75 million more.

Each unit will consist of one unit of common stock and one warrant to purchase one half of one share of common stock for US$5.75.

New York-based Deutsche Bank Securities is acting as sole book runner.

The cash will primarily be used to acquire companies in the media and entertainment businesses.

Former MGM chairman Sloan (above) and former CBS president Sagansky’s Global Eagle has made investments including acquiring in-flight entertainment firms Row 44 and Advanced Inflight Alliance for a combined total of around US$430 million. Global Eagle rebranded as Global Entertainment following the deals.