Former MGM Chairman Sloan, Sagansky Plan $250 Million Media IPOMichael White
Former Metro-Goldwyn-Mayer Inc. Chairman Harry Sloan and film financier Jeff Sagansky plan to raise $250 million for media and entertainment acquisitions, their second media-focused public offering.
Silver Eagle Acquisition Corp. intends to sell 25 million units at $10 each, and may add another 3.75 million units if there’s enough demand, according to a statement today. Each unit will consist of one share and a warrant to buy a half-share for $5.75, the company said.
Sagansky and Sloan partnered to raise $190 million in 2011 to create Global Eagle Entertainment, a company specializing in providing wireless Internet and in-flight entertainment systems for airlines. Global Eagle Entertainment’s customers include Southwest Airlines Co., United Airlines Inc. and Japan Airlines Co. Global Eagle in June agreed to a joint venture with China Telecom Satellite Communications Co. to deliver content to Chinese carriers.
Like Global Eagle Entertainment, Silver Eagle will be a unit of Global Eagle Acquisition LLC, according to the statement.
Silver Eagle has applied to have its units listed on the Nasdaq Stock Market under the symbol EAGLU, according to a regulatory filing. Deutsche Bank AG is running the deal, the filing showed.
Shares of Global Eagle Entertainment were unchanged at $10.30 today in Nasdaq trading. The stock has gained 3.6 percent this year.
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