Sloan and Sagansky launch IPO for Silver Eagle Acquisition Corp.
Silver Eagle Acquisition Corp., an investment shell company founded by longtime media heavyweights Harry Sloan and Jeff Sagansky, plans to raise $250 million through an initial public offering.
Silver Eagle said it would sell 25 million shares at $10 a share. It’s also giving the IPO’s underwriters the option to purchase an additional 3.75 million shares.
The company will use the money raised to acquire media and entertainment properties, according to a filing with the Securities and Exchange Commission.
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This is Sloan and Sagansky’s second venture together since Sloan left Metro-Goldwyn-Mayer Studios Inc.
Sloan is Silver Eagle’s chief executive and Sagansky, who was a senior executive at CBS and Sony Pictures, is its president.
They formed Global Eagle Acquisition Corp. in 2011, which raised $190 million through an IPO. The firm combined two businesses to create the in-flight entertainment company Global Eagle Entertainment Inc.
Silver Eagle will likely follow a similar path to that venture.
The company has applied to trade on the NASDAQ under the ticker symbol EAGLU. The company has not set a date to start selling the stock.
Deutsche Bank Securities Inc. is the sole book runner for the proposed offering.
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