Jeff Sagansky Raises $325 Million for Latest Investment Vehicle
The new venture intends to identify businesses — including in the media and entertainment sectors — ripe for acquisition.
Jeff Sagansky, along with investing partner Harry Sloan, on Wednesday closed a $325 million initial public offering for their Platinum Eagle Acquisition Corp., the fourth such vehicle Sagansky has launched.
Like other such entities from Sagansky, Platinum Eagle intends to identify businesses — including in the media and entertainment sectors — ripe for acquisition and perhaps new management.
Sagansky, a Scripps Networks board member and former executive with CBS and Sony, and Sloan, a former Lionsgate board member formerly with MGM and SBS Broadcasting, have raised $1.3 billion in the past six years.
For Eagle Platinum, they sold 32.5 million units at $10 apiece and the entity was listed Wednesday on Nasdaq Capital Market under the symbol EAGLU.
"With our fourth acquisition vehicle, we will continue to look for companies where we can add value based on our experience, particularly media and entertainment companies that can benefit from the digital disruption that has transformed the business on a global basis," Sagansky said. "As always, we will target fast-growing businesses that can benefit from a Nasdaq listing, access to capital and experienced sponsors."
Sagansky and Sloan founded Global Eagle in 2011, which acquired a couple of in-flight entertainment companies and now trades on Nasdaq under the ENT symbol. After that came Silver Eagle, then Double Eagle.