News Formal

Hollywood Vets to Take Mobile Gaming Firm Skillz Public

  • 📰 THR
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 53%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

The venture run by former MGM CEO Harry Sloan and CBS entertainment president Jeff Sagansky has found a merger partner.

Flying Eagle Acquisition Corp., the special purpose acquisition company controlled by former MGM CEO Harry Sloan and CBS entertainment president Jeff Sagansky, has found a merger partner.

The deal values Skillz at $3.5 billion, with Flying Eagle contributing its $690 million, and other investors including Wellington Management Company, Fidelity Management & Research Company, LLC, Franklin Templeton, and Neuberger Berman committing an additional $159 million. Skillz expects to have about $250 million in cash on its balance sheet after the merger, which is expected to be completed by the end of fall 2020.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 411. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Skillz CEO: Going public via SPAC is just one step in becoming a 'hundred-year company'The deal values Skillz at $3.5 billion -- about 15.5 times its projected 2020 revenue of $225 million -- and would make it the first mobile e-sports platform to go public. SPAC Scratch Fever
Source: CNBC - 🏆 12. / 72 Read more »