Harry Sloan, former head of MGM, and Jeff Sagansky, formerly at CBS and Sony Pictures, formed Global Eagle Acquisition Corp (EAGLU) with the intention to acquire media investments. They raised $190 Million in their IPO last week. Michael Price and Amos Meron’s Empyrean Capital today disclosed that $12 Million of the $190 Million raised came from Empyrean.
These media industry insiders will probably use some leverage and acquire one more media assets with the goal to turn their investment into gold. They have two years to make their first transaction, but probably it won’t take that long.
Empyrean Capital’s biggest media investment is News Corp (NWSA), which was its second largest position at the end of December. Seth Klarman’s Baupost and Boykin Curry’s Eagle Capital are also bullish about News Corp.