Harry Sloan and Jeff Sagansky have filed documents with the US Securities and Exchange Commission that reveal the pair are raising US$175 million for a new company, Global Eagle.
With cash in hand, the pair of veteran media executives will scout out acquisitions in the TV and media sectors.
Outlining the proposed activities of the new business the SEC filing noted Global Eagle has been “formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.”
The filing continued: “[Global Eagle] will seek to capitalize on the substantial deal sourcing, investing and operating expertise of our management team to identify, acquire and operate media or entertainment businesses, including providers of content, with high growth potential in the United States or internationally.” It added: “We will seek to acquire one or more businesses involved in the media or entertainment industries, including providers of content.”
No specific target acquisitions have been identified yet. A spokesman said neither exec would comment for a 30-45 day period ‘quiet period’ after the filing.
Sloan is the founder of pan-European broadcast group SBS, which was subsequently acquired by German-based media company ProSiebenSat.1. Between October 2005 and August 2009 he was CEO of MGM and will consult to the Hollywood studio until October this year.
Sagansky has worked for numerous TV and media companies including Pax TV, Sony Pictures Entertainment and US network CBS.