Harry Sloan, Jeff Sagansky Launch New Acquisitions Firm

LOS ANGELES: Harry Sloan and Jeff Sagansky have partnered to establish Global Eagle Acquisition Corp., set up to purchase media and entertainment firms, with an IPO that has raised about $190 million.

The firm will look to acquire media or entertainment businesses with high growth potential in the U.S. and around the world. The IPO was oversubscribed, the company said, with 18,992,500 units sold at $10 each. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $11.50 per share.

"Jeff and I are encouraged by the strong demand for our stock, and are excited to embark on the global search for a dynamic business to acquire for Global Eagle," said Sloan, who most recently headed up MGM. "We believe that our substantial experience in acquiring and managing media companies, combined with Global Eagle’s flexible public company structure, will facilitate a large and attractive acquisition."