Veteran show business execs Harry Sloan and Jeff Sagansky are launching Silver Eagle Acquisition Corp. with plans to raise $250 million through an initial public offering.
The duo, who tapped the markets two years ago for $190 million via Global Eagle Acquisition, plan to focus on acquisitions in the media and entertainment area. They announced Thursday that the company intends to commence its IPO of 25 million units at $10 per unit. It plans to grant the underwriters a 45-day option to purchase up to 3.75 million additional units.
The announcement said Silver Eagle 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. Deutsche Bank Securities Inc. is acting as the sole book runner for the offering.
Sloan and Sagansky's Global Eagle Acquisition moved into inflight entertainment in November by acquiring two companies -- U.S.-based broadband service Row 44 and Germany-based content supplier Advanced Inflight Alliance -- in a transaction valued at $430 million.
Sloan and Sagansky unveiled Global Eagle in early 2011 after Sloan had departed as chairman of MGM in the wake of The Lion completing its restructuring via a pre-packaged bankruptcy.
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.