Jeff Sagansky and Harry Sloan's media-acquisition company closes $190 million IPO
Veteran media executives Jeff Sagansky and Harry Sloan have raised $190 million for their new company that will aim to make significant acquisitions in the entertainment space.
Global Eagle Acquisition Corp. announced Wednesday that it had closed its initial public stock offering with slightly more than the minimum $175 million the company had intended to raise when it first registered with the Securities and Exchange Commission in February.
Stock in the company went public Monday on the Nasdaq Capital Market and has, on low trading volume, stayed virtually flat at just over $10 per share.
Sloan, the former head of Metro-Goldwyn-Mayer, is chairman and chief executive of Global Eagle, and Sagansky, previously a senior executive at CBS and Sony Pictures, is president. Funds raised for the new company, potentially leveraged with additional debt or equity, will be used to buy a controlling interest in one or more media and entertainment companies.
According to its initial registration, Global Eagle will have up to two years to close its first acquisition. If it doesn't complete a deal in that time frame, the company will repurchase stock from its investors.
-- Ben Fritz