Sagansky (Sony, CBS, Scripps Networks board member) and Sloan (MGM, SBS Broadcasting and Lionsgate board member) have dubbed Platinum Eagle (Nasdaq: EAGLU) as a special purpose acquisition company. Since 2011, the duo has previously developed acquisition vehicles Global Eagle Acquisition, Silver Eagle Acquisition, and Double Eagle Acquisition, which all have raised $1.3 billion for investment purposes.
“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,” said Sagansky in a statement. “As always, we will target fast-growing businesses that can benefit from a Nasdaq listing, access to capital, and experienced sponsors.”
Platinum Eagle was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Platinum Eagle’s sponsor is Platinum Eagle Acquisition LLC, of which Sagansky is a member of Platinum Eagle Acquisition LLC, which is the sponsor. Joining Sagansky in the management of the company is president, CFO and secretary, Eli Baker. Sloan co-led two public acquisition vehicles with Sagansky is a founding investor of Platinum Eagle. Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are acting as reps of the underwriters for the offering and I-Bankers is serving as a manager.
This news was first reported by our sister site Variety.