Hollywood veterans Jeff Sagansky and Harry E. Sloan have launched a new $400 Million Investment fund called Diamond Eagle Acquisition Company.
Diamond Eagle’s sponsors are Century City-based Eagle Equity Partners, which is controlled by veteran Hollywood executive Jeff Sagansky, investor and fund manager Eli Baker, and Harry E. Sloan, who serves as chairman and chief executive officer at Global Eagle Acquisition Corp.
Sloan, who previously served as chairman and CEO of MGM Studios from 2005 to 2009, is working with Sagansky on this latest deal. The two executives have previously taken four other blank checks at Eagle Equity since 2011:
Platinum Eagle Acquisition Corp., which raised $325 million in January 2018; Double Eagle Acquisition Corp., which raised $500 million in 2015; Silver Eagle Acquisition Corp., which raised $325 million in 2013; and Global Eagle Acquisition Corp., which raised $190 million in 2011.
The investment is a Special Purpose Acquisition Company (SPAC) and the duo has two years to make an acquisition. If they don’t meet the deadline or fail to gain shareholder support on a purchase, the SPAC must return to investor the money raised.
(Picture courtesy Platinum Eagle Acquisition)
