It’s a comparatively tiny deal, but it gives Harry Sloan and Jeff Sagansky’s Global Eagle Entertainment valuable bragging rights in this fast-growing corner of the business. They actually paid $36M in cash for the UK’s Travel Entertainment Group Equity Limited. It’s the parent of IFE Services which offers movies including The World’s End, The Heat, World War Z, and The Great Gatsby as well more than 20,000 hours of TV programming including The Newsroom to airlines in Asia, South America and Africa. The purchase “will significantly enhance our presence in multiple fast-growing, emerging markets where our combined service offerings are in demand,” says Global Eagle CEO John LaValle. To help finance the deal, Global Eagle sold $21M worth of its stock to an existing institutional shareholder. It will give another existing investor, PAR Investment Partners, a $19M promissory note convertible into non-voting shares.
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.