Jeff Sagansky Forms $500 Million Acquisition Company
Harry Sloan is a founding investor of Double Eagle.
Media executive Jeff Sagansky announced Monday the creation and IPO pricing of Double Eagle Acquisition Corp., a $500 million vehicle designed to merge with digital media and telecom companies.
Double Eagle has priced 50 million units at $10 each. Former MGM CEO Harry Sloan is a founding investor and Sagansky is CEO. James Graf is CFO and Eli Baker is general counsel.
Double Eagle is the third such enterprise from Sagansky, the first being a $190 million acquisition company called Global Eagle in 2011 and the next, the $325 million Silver Eagle, came two years after that. Sloan was founding CEO of those two.
Global Eagle acquired a couple of in-flight entertainment companies and today trades on Nasdaq under the symbol ENT. It's annual revenue growth is about 20 percent and its market capitalization is $873 million.
Silver Eagle is now Videocon, a digital TV supplier in India that is expected to grow its earnings before interest, taxes, depreciation and amortization by about 40 percent next year. It trades on Nasdaq under the symbol VDTH.
Independent directors for Double Eagle include James McNamara, Dennis Miller and Fredric Rosen.
Sagansky is a former president of CBS Broadcasting, former president of production at Tri-Star Pictures, former CEO of Paxson Communications and, as a former senior vp of programming at NBC, helped develop shows like Cheers, Miami Vice and The Cosby Show.