Recently news of Harry Sloan and Jeff Sagansky’s newest multi-million dollar deal has just been announced. The $430 million deal has been signed by Global Eagle, which has now been renamed Global Eagle Entertainment. This agreement has been said to be the “largest integrated entertainment platform for the global airline industry,” which has allowed Global Eagle Entertainment to acquire Row 44 Inc. and 86% stake in Advanced Inflight Alliance AG.
“By combining AIA’s access to the installed in-flight entertainment market with Row 44’s Wi-Fi to mobile device capability,” said Sloan, “Global Eagle has potential access to 100 percent of the airline passenger experience, creating an addressable market as large as the global airline industry. This is exactly the kind of worldwide digital media opportunity we’ve been seeking for Global Eagle since our IPO; and this is also a platform for Jeff and me to utilize our media and content relationships and experience to drive expansion and enhancement of in-flight content and programming around the world.”
After the deal’s expected closing in January, the satellite-based broadband services provider to the airline industry will join forces with Global Eagle, which will then issue 25 million shares of common stock to Row 44 stakeholders, whereas AIA currently has a 13% stake in the company.
Before becoming an executive and dealmaker, Sloan was once an attorney in Hollywood, later becoming chairman and CEO of MGM, from 2005 until 2009. Long before his transition as the head boss at MGM, Sloan was chairman and CEO of SBS Broadcasting in Scandinavia, between 1990 and 2001. Not to mention, his position as finance chairman for this year’s republican presidential candidate Mitt Romney’s campaign.
Sagansky has a very impressive portfolio as well, starting off as president of CBS Entertainment from 1990 to 1994. Two years later, he became co-president of Sony Pictures Entertainment up until 1998, where he then transitioned into CEO of Paxson Communications from 1998 until 2002. But that’s not all, Sagansky also held positions at Elm Tree Partners, Peach Arch, Winchester Capital Management and RHI Entertainment.
This multi-million dollar deal is by far the biggest deal since May 2011, when Sloan and Sagansky raised a $190 million fund with an IPO. We look forward to many great things in the future of Global Eagle Entertainment.