Page 3 - Harrye Sloan News Today : Breaking News, Live Updates & Top Stories | Vimarsana

For former studio executives charting their next course, there’s no hotter market than SPACs.
Short for special purpose acquisition company, this once-obscure investment vehicle, also known as a blank-check company, has joined private jets, yachts and Beverly Hills mansions as a Hollywood status symbol.
According to former Techcrunch media columnist Eric Peckham’s SPAC database, there are 26 of these shell companies looking to capitalize on the growing and fragmented industry of digital media, entertainment and gaming.
Just last week, the $300-million SPAC led by former Disney higher-ups Kevin Mayer and Tom Staggs (Shaquille O’Neal is a strategic advisor) announced a deal to merge with Santa Monica-based fitness video app Beachbody and connected workout equipment maker Myx Fitness. Combined company valuation: $2.9 billion. ....

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