Veteran entertainment executives look to raise $175 million for the purpose of buying entertainment companies
Former MGM chief Harry Sloan and ex Sony Pictures senior executive Jeff Sagansky are looking to raise $175 million through IPO so that they can buy media companies and render profits.
Under the company name Global Eagle Acquisition Corp., the pair filed to go public by selling 17.5 million shares at $10 a unit. The shares would trade on the OTC Bulletin Board, which houses smaller companies.
“We will seek to acquire one or more businesses involved in the media or entertainment industries, including providers of content,” the filing says.
According to the filing, Sloan and Sagansky — along with third partner, CFO James Graf, Sloan's brother-in-law — expect to own 18 percent of the company following a successful initial public offering.