Silver Eagle Acquisition Corp., an investment shell company founded by longtime media heavyweights Harry Sloan and Jeff Sagansky, plans to raise $250 million through an initial public offering.
Silver Eagle said it would sell 25 million shares at $10 a share. It's also giving the IPO's underwriters the option to purchase an additional 3.75 million shares.
The company will use the money raised to acquire media and entertainment properties, according to a filing with the Securities and Exchange Commission.
This is Sloan and Sagansky's second venture together since Sloan left Metro-Goldwyn-Mayer Studios Inc.
Sloan is Silver Eagle's chief executive and Sagansky, who was a senior executive at CBS and Sony Pictures, is its president.
They formed Global Eagle Acquisition Corp. in 2011, which raised $190 million through an IPO. The firm combined two businesses to create the in-flight entertainment company Global Eagle Entertainment Inc.
Silver Eagle will likely follow a similar path to that venture.
The company has applied to trade on the NASDAQ under the ticker symbol EAGLU. The company has not set a date to start selling the stock.
Deutsche Bank Securities Inc. is the sole book runner for the proposed offering.
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