Their business, Silver Eagle Acquisition Corp., is a special purpose acquisition company (SPAC). It will use the cash from today’s IPO to hunt for deals — mostly likely ones that capitalize on their experience in content creation, although they say that they’ll consider other “high growth potential” opportunities.Jeff Sagansky formerly was CEO of Paxson Communications, Co-President of Sony Pictures Entertainment, and President of CBS Entertainment, while Harry Sloan formerly was CEO of MGM. In the IPO they sold 32.5M shares at $10 a share, and the stock — trading on NASDAQ under the symbol EAGLU — is up a few pennies in mid-day trading. Each share also includes a warrant to buy a half of a share for $5.75. Deutsche Bank Securities managed the offering.
NEW YORK, NY July 11, 2013 – Silver Eagle Acquisition Corp. (the “Company”), an acquisition vehicle formed by media executives Harry E. Sloan and Jeff Sagansky, announced today that it intends to commence its initial public offering of 25,000,000 units at $10.00 per unit. The Company intends to grant the underwriters a 45-day option to purchase up to 3,750,000 additional units. Each unit issued in the initial public offering will consist of one share of the Company’s common stock and one warrant to purchase one half of one share of common stock at an exercise price of $5.75 per half share.
Silver Eagle Acquisition Corp. was formed for the purpose of acquiring one or more businesses through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Its efforts in identifying a prospective target business will be focused on, but not limited to, the media and entertainment industries. The Company’s sponsor is Global Eagle Acquisition LLC, which was also the sponsor of Global Eagle Acquisition Corp.
Deutsche Bank Securities Inc. is acting as the sole book runner for the proposed offering.
Global Eagle Entertainment, the inflight entertainment company created last November by Hollywood veterans Harry Sloane and Jeff Sagansky, has added Post Modern Group to the company portfolio. The $24M deal expands Global Eagle’s relationships with international airlines and provides entry into the cruise line and other non-theatrical markets. Post Modern Group provides digital media production, post-production and digital content delivery services for use in inflight entertainment systems. Its clients include Hollywood studios and distributors, ad agencies, major corporations, government entities, airlines and cruise lines. It is expected to generate over $35M in revenues in 2013 and more than $4.5M in full year pre-tax earnings.
The Hollywood veterans’ publicly traded Global Eagle Acquisition has agreed to offer stock valued at $430M to buy two companies that will give them a leg up in the fast-growing inflight entertainment business. They’re acquiring Row 44, a satellite connectivity firm, and content company Advanced Inflight Alliance. The combined enterprise will trade on NASDAQ. “This is exactly the kind of worldwide digital media opportunity we’ve been seeking for Global Eagle since our IPO; and this is also a platform for Jeff and me to utilize our media and content relationships and experience to drive expansion and enhancement of inflight content and programming around the world, ” says Global Eagle CEO Harry Sloan who was formerly chief of Metro-Goldwyn Mayer Studios. His company’s co-founder, Jeff Sagansky, was a top exec at Sony Pictures and CBS.
Here’s the release:
It sounds like this is the guy who’ll know where MGM’s money is gonna come from. MGM today announced Bedi A. Singh, most recently the exec VP/CFO of Gemstar-TV Guide International Inc, has been named President, Finance and Administration & Chief Financial Officer of MGM, reporting directly to chairman/CEO Harry Sloan. In this newly created position, Singh takes on the overall responsibility for the company’s financial activities. This includes oversight of the studio’s relationship with the banking and finance community as well as overseeing MGM’s strategic financial planning, plus other duties.
One day after Mary Parent’s appointment, Hollywood wants to know where all this money is coming from to revitalize the studio. The town is starting to wonder if maybe Harry Sloan is using Parent as bait to attract big bucks. Meanwhile, ousted New Line marketing dude Russell Schwartz is coming to MGM but only to consult/help on the marketing campaign for Tom Cruise’s Nazi pic Valkyrie.
Mary Parent Named Chairperson, Worldwide Motion Picture Group, MGMLOS ANGELES, CA March 13, 2008 – Heralding an expansion at Metro-Goldwyn-Mayer Studios Inc. (MGM), Mary Parent, former Vice Chairman of Worldwide Production for Universal Pictures, has been named Chairperson, Worldwide Motion Picture Group at the studio. In this newly created position, Parent will be responsible for oversight of worldwide theatrical production, distribution, marketing and business affairs for MGM. Parent reports directly to Harry E. Sloan, MGM’s Chairman and Chief Executive Officer, and to the MGM Board of Directors.
… In making the announcement, Sloan stated: “MGM is in the midst of an evolutionary process, moving from our initial revitalization effort into the next phase of growth and development. As we commence production on some of the biggest film franchises in Hollywood, we are fortunate to be able to enlist Mary to spearhead what promises to be MGM’s most exciting period yet. Her production expertise, relationships in the creative community and distribution and marketing savvy will be instrumental in confirming MGM’s position as a competitive player alongside other major Hollywood studios.”
Parent said, “I look at what Harry has strategically built and assembled — from ramping up the distribution efforts of MGM as well as breathing new life into United Artists with Tom Cruise and Paula Wagner at the helm — and I believe this studio is poised for a true re-vitalization. This comes at a great time for the business and I’m honored to have been chosen to play this role.”
During her tenure at Universal, Parent oversaw the