Firm Founded by Hollywood Exec Sagansky Files for 1.5B IPO

(Reuters) -Spinning Eagle Acquisition Corp, a blank-check company founded by Hollywood executive Jeff Sagansky, on Wednesday filed to go public, seeking to raise up to $1.5 billion.

The company intends to have its units listed on the Nasdaq under the ticker “SPNGU”.

Sagansky, a former president of CBS Entertainment, along with Harry Sloan, an ex-chief executive officer of Metro-Goldwyn-Mayer, have taken companies like gaming firm Skillz Inc and sports betting platform Draftkings Inc public through special purpose acquisition companies (SPACs).

SPACs are exchange-listed shell companies that raise money through initial public offerings and merge with firms by enticing them with shorter listing timelines. Such structures have raised a record total of more than $70 billion in the United States this year, making them one of the hottest Wall Street investment trends of 2020.

Reporting by Munsif Vengattil and Nishara Karuvalli Pathikkal in Bengaluru; Editing by Maju Samuel

Source: Reuters

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