Global Eagle Execs Harry Sloan and Jeff Sagansky Prep IPO

4:42 PM PST 02/15/2011 by Paul Bond

Harry Sloan and Jeff Sagansky are hoping to raise $175 million so they can buy a media company, or two or three, then use their experience and connections to turn a profit for themselves and their shareholders.

The veteran industry executives Tuesday filed to take their Global Eagle Acquisition Corp. public by selling 17.5 million shares for $10 apiece. After the IPO, the shares would trade on the OTC Bulletin Board, the home of hundreds of tiny companies.

The SEC filing lays out their resumes fairly extensively.

Sloan, Global Eagle’s chairman and CEO, was CEO of MGM, a founder of SBS Broadcasting and the co-chairman of New World who led that company’s acquisition of Marvel Entertainment Group in 1986. Sagansky, president of Global Eagle, was a CEO of Paxson Communications, a co-president of Sony Pictures Entertainment, a president of TriStar Pictures and a one-time president of CBS Entertainment.

The SEC filing makes it clear that Global Eagle has “not yet initiated any substantive discussions” with anybody about what media companies would make good acquisition targets. Their intent is to purchase 100% of one or more companies or a controlling stake in one or more.

The filing also identifies as the company’s CFO James Graf, a bother in-law of Sloan. After the IPO, the three executives would retain a combined 18% of Global Eagle.

Sloan and Sagansky “and other members of our management team have extensive operating and dealmaking experience with prominent global media companies,” the filing says.

The filing describes Global Eagle as “a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.”

For perspective, based on its enterprise value, $175 million on Tuesday would be nearly enough to buy Martha Stewart Living Omnimedia.

“We will seek to acquire one or more businesses involved in the media or entertainment industries, including providers of content,” the filing says.

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