Haim Saban, the media mogul perhaps best known for his close ties to Hillary Clinton, is going to the public markets to raise capital for a $235 million investment fund.
The 71-year-old billionaire is selling IPO shares in Saban Capital Acquisition Corp., a “blank check” company, according to a prospectus filed with the Securities and Exchange Commission.
The offering gives investors a chance to invest in Saban’s business acumen, as opposed to any particular business or industry. The filing states that the company “may pursue an acquisition opportunity in any industry or sector,” though it notes that the management team is most experienced in “traditional and digital media, entertainment, communications, and consumer brands.”
“We have not identified any potential business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with respect to identifying any potential business combination target,” the filing states.
Saban is the chairman of Univision Communications, which he purchased with a group of investors for $13.7 billion in 2007. He made his fortune by parlaying the success of the TV show “Mighty Morphin Power Rangers” into a children’s network, Fox Family Channel, which he sold to Disney. Forbes pegs his net worth at $2.9 billion.
Univision announced an IPO last year, but has repeatedly postponed it.