Inflight entertainment company Global Eagle Entertainment Inc. has completed its purchase of digital media production company Post Modern Group for roughly $24 million in a combination of cash and stock.
The deal, announced in May, will add to Global Eagle's relationships with airlines and gives it an entry into the cruise line industry and other markets. With the acquisition, Global Eagle said it will become the world's biggest provider of television shows and movies to airlines.
Global Eagle was founded in 2011 by former MGM CEO and chairman Harry Sloan and former CBS Entertainment president Jeff Sagansky (pictured left).
"This transaction reflects our strategic plan to consolidate the top content and distribution companies serving our industry," Dave Davis, chief financial officer of Global Eagle Entertainment, said in a statement. "The addition of PMG will strengthen our technology and breadth of services, expand our customer base and provide us with entry into new markets. We look forward to working with the talented team at PMG in executing our strategy and further expanding our combined content and connectivity footprint globally."
PMG, founded in 1993, provides digital media production and post-production services for company's including AMP International, Ambient, Criterion Pictures and Sea Movies. It serves studios and distributors, advertising agencies, major corporations,government entities, and airlines and cruise lines.