×
You will be redirected back to your article in seconds

Jeff Sagansky, Harry Sloan Partner on New Acquisition Company With $325 Million IPO (EXCLUSIVE)

Veteran Hollywood executives Jeff Sagansky and Harry Sloan are launching Platinum Eagle Acquisition Corp. with a $325 million initial public offering.

It’s the fourth such acquisition vehicle (dubbed a special purpose acquisition company) that the duo has developed since 2011, following Global Eagle Acquisition, Silver Eagle Acquisition, and Double Eagle Acquisition, which raised a combined $1.3 billion for investment purposes. Platinum Eagle will be looking to invest in media companies as did Global Eagle, which moved into in-flight entertainment holdings, and Silver Eagle, which bought a 38% stake in Indian pay-TV service provider Videocon d2h.

Double Eagle invested last year in Williams Scotsman, a modular space rental service. In the first two cases, the acquisition vehicles invested in industries that were transitioning into the digital arena, but the uncertainty in the media world precluded doing so with Double Eagle, considering the difficulty of making asset projections — given how fast digital media companies will grow and disrupt traditional media.

But more clarity has emerged in recent months, particularly with the successful Roku IPO in September and Disney’s $52.4 billion acquisition of 21st Century Fox assets.

Popular on Variety

“Everything is now moving toward streaming,” Sagansky said. “Now, we think it’s a very good time to do a media SPAC. With our fourth acquisition vehicle, we will continue to look for companies where we can add value based on our experience, particularly media and entertainment companies that can benefit from the digital disruption that has transformed the business on a global basis.”

“As always, we will target fast growing businesses that can benefit from a Nasdaq listing, access to capital, and experienced sponsors,” he added.

Platinum Eagle Acquisition Corp. closed its $325 million initial public offering of 32.5 million units at $10 per unit, including $25 million sold pursuant to the underwriters’ partial exercise of their over-allotment option. Each unit issued in the initial public offering consists of one Class A ordinary share and one-third of one warrant to purchase one Class A ordinary share at an exercise price of $11.50 per whole share.

The units are listed on Nasdaq Capital Market and trade under the ticker symbol “EAGLU.” Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Capital Market under the symbols “EAGL” and “EAGLW,” respectively.

Platinum Eagle Acquisition Corp. said Wednesday that it was formed for the purpose of affecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. Joining Sagansky in the management of the company is Eli Baker, who is president, chief financial officer, and secretary. Sloan, who co-led two prior public acquisition vehicles with Sagansky, is a founding investor in Platinum Eagle.

Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are acting as the representatives of the underwriters for the offering and I-Bankers is serving as a manager.

Sloan served as chairman and CEO of MGM between 2005 and 2009 prior to the completion of its restructuring via a pre-packaged bankruptcy. He was also the founder, chairman, and CEO of SBS Broadcasting, Europe’s second-largest broadcaster.

Sagansky worked for three decades in show business, including serving as president of CBS Entertainment between 1990 and 1994, and as CEO of Paxson Communications from 1998 to 2003.

More Film

  • Imogen Poots

    'Black Christmas' Star Imogen Poots on Why Male Horror Fans Should See Slasher Remake

    “Black Christmas” is the second remake of the 1974 slasher classic, which centers on a group of sorority sisters stalked by an unknown murderer. While the original had the female protagonists (SPOILER) offed, in this one, the women fight back. “It’s been called a re-imagining of the original, and I think, in ways that the [...]

  • Imogen Poots as Riley in "Black

    'Black Christmas': Film Review

    “Black Christmas,” a low-budget Canadian horror movie released in 1974, was a slasher thriller with a difference: It was the very first one! Okay, there were more than a few precedents, from “Psycho” (the great-granddaddy of the genre) to “The Last House on the Left” and “The Texas Chain Saw Massacre” to Mario Bava’s “A [...]

  • David Benioff, D.B. Weiss. Creators and

    'Game of Thrones' Creators to Develop H.P. Lovecraft Movie at Warner Bros.

    Following their exit from the “Star Wars” universe, “Game of Thrones” co-creators David Benioff and D.B. Weiss have found their replacement pic, signing on to produce an untitled thriller based on the graphic novel “Lovecraft” for Warner Bros. It is unknown if they will also direct the project, but they’ve already set Phil Hay and [...]

  • Little Women Greta Gerwig BTS

    Greta Gerwig and 'Little Women' Crew Mix Modern and Classical

    Greta Gerwig wrote and directed Sony’s “Little Women,” a new look at Louisa May Alcott’s much-loved 19th-century classic. Eager to pay tribute to her artisan colleagues, Gerwig says, “It was a joy for me to work with all these people. It’s a movie that’s impossible to create without world-class artists. They killed themselves for me!” [...]

  • Honey Boy

    Shia LaBeouf's 'Honey Boy' Adds Unusual Twist to Oscar's History With Kids

    Hollywood has made many terrific films about childhood, and many about filmmaking. Amazon’s “Honey Boy,” which opened Nov. 8, combines the two: A movie with a child’s POV of the industry. That unique angle could be a real benefit during awards season, and the film’s backstory — with Shia LaBeouf as the main attraction — will [...]

More From Our Brands

Access exclusive content