Veteran media executives Jeff Sagansky and Harry Sloan have raised $325 million through an initial public offering of Silver Eagle Acquisition Corp. and intend to use the money buy entertainment assets, the partners said Tuesday.
The pair, who joined forces in 2011, previously raised $190 million for a company called Global Eagle Acquisition.
Sloan and Sagansky have deep ties to the industry, having served as the former chief executive officer of Metro-Goldwyn-Mayer and the former president of CBS Entertainment, respectively.
They raised the money for Silver Eagle Acquisition Corp. by offering 32.5 million units at $10 a unit on the Nasdaq Capital Market. According to the partners, the terms give them broad leeway in terms of deciding how to spend the money.
Through Global Eagle, Sloan and Sagansky targeted the in-flight entertainment sector, purchasing companies like Post Modern Group and Row 44 to become the largest provider of television shows and movies to airlines in the world.
Units for their new enterprise, Silver Eagle, rose .20 percent to $10.05 as of 2:11 p.m. ET.