Global Eagle Entertainment will buy in-flight entertainment company Post Modern Group (PMG) in a deal worth as much as $23.9 million….says it will become the biggest provider of TV shows and movies to airlines in the world.
The pact involves a combination of cash and stock. Global Eagle was founded in 2011 by former MGM CEO and chairman Harry Sloan and former CBS Entertainment president Jeff Sagansky.
In Nov 2012, it acquired Row 44, an airline wi-fi provider and a majority stake in Advanced Inflight Alliance, a supplier of games, movies and entertainment for airlines, in deals valued at $430 million.
From release: The acquisition expands Global Eagle’s relationships with airlines and provides entry into the cruise line industry and other non-theatrical markets. PMG currently serves a customer base of over 10 motion picture and TV distributors and 50 airlines and cruise lines. The company is expected to generate over $35 million in revenues and in excess of $4.5 million in adjusted EBITDA in 2013.