Sloan, Sagansky bank on media with $175 mil IPO

Golden Eagle Acquisitions registered with SEC to 17.5 million shares

Veteran showbiz execs Harry Sloan and Jeff Sagansky are on the prowl for acquisitions and are partnering to raise at least $175 million in an initial public offering via Global Eagle Acquisition Corp.

Global Eagle registered Tuesday with the Securities and Exchange Commission to sell a minimum of 17.5 million shares at $10 a share. Funds will be used to buy a controlling interest in media-entertainment companies.

“We will seek to capitalize on the substantial deal sourcing, investing and operating expertise of our managment team to identify, acquire and operate media or entertainment businesses, including providers of content with high-growth potential in the United States or internationally, although we may pursue acquisition opportunities in other sectors,” the filing said.

It’s the first major public move for Sloan since MGM completed its restructuring in December via a pre-packaged bankruptcy. Sloan was installed as chairman-CEO of MGM for the four years following the $5 billion leveraged buyout of the storied studio in 2005.

Global Eagle didn’t identify specific target companies in the filing and said it anticipates that the stock will be traded on the Over-the-Counter Bulletin Board quoatation system. Costs of underwriting the offering are estimated at $9.6 million.

Global Eagle also said if it doesn’t complete an acquistion within two years after its public offering closes, it will have to buy back its stock from shareholders.

Sloan will serve as chairman and CEO, the same posts held at MGM between 2005 and 2009. Sloan stepped down from those slots in August 2009 and served as non-executive chairman of MGM until last month.

Sagansky’s currently in charge of Winchester Capital, a private movie and television finance company based in New York. He’s worked for three decade in show business, including serving as president of CBS Entertainment between 1990 and 1994 and as CEO of Paxson Communications between 1998 and 2003.

James Graf, Sloan’s brother in law, is serving as chief financial officer. He’s served as managing director of TC Capital Pte. Ltd., a Singapore financial advisory firm, since 2008, and was a consultant to MGM in 2007 and 2008.

Global Eagle has not set a date to start selling its stock.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Film News from Variety

Loading