Business

Jeff Sagansky, Harry Sloan Partner on $ 600 million IPO – Variety

Veteran Hollywood executives Jeff Sagansky and Harry Sloan launch Flying Eagle Acquisition Corp. with an initial public offering of $ 600 million.

It is the sixth public acquisition vehicle since 2011 launched by Sagansky and Sloan. This type of acquisition company has grown in popularity in recent years as a way for investors to participate in new players in the media and digital industries – especially with rivals emerging from Netflix in streaming technology.

Their other companies – Diamond Eagle Acquisition, Global Eagle Acquisition, Silver Eagle Acquisition, Double Eagle Acquisition and Platinum Eagle – have raised more than $ 2 billion for investment. Sports betting giant DraftKings recently became a public company after entering into a merger agreement with Diamond Eagle Acquisition.

The IPO, announced Thursday evening, was priced at $ 10 per unit for 60 million units. Each unit issued under the initial public offering consists of one Class A common share and one-quarter of a warrant to purchase one Class common share A at the exercise price of $ 11.50 per share.

The units will be listed on the New York Stock Exchange and will trade under the symbol "FEAC.U" from Friday. Once the securities comprising the Units have started to trade separately, the Class A Common Shares and the Warrants are expected to be listed on the NYSE under the symbols "FEAC" and "FEAC WS", respectively. The offer is expected to close on March 10.

Flying Eagle Acquisition Corp. is a "blank check" company whose business purpose is to effect a merger, a capital exchange, an acquisition of assets, a purchase of shares, a reorganization or a combination of 39; similar businesses with one or more
businesses. Its objective will not be limited to a particular industry, sector or geographic region.

Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. act as representatives of the underwriters for the offering. The Company has granted the underwriters a 45-day option to purchase up to 9 million additional units at the initial offer price to cover the over-allotments,

Sloan was president and chief executive officer of MGM between 2005 and 2009 before the end of its restructuring through a prepackaged bankruptcy. He was also the founder, president and CEO of SBS Broadcasting, the second largest European broadcaster.

Sagansky worked for three decades in the entertainment world, including as president of CBS Entertainment between 1990 and 1994, and as CEO of Paxson Communications from 1998 to 2003.

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