James Murdoch, Ex-Disney Exec To Raise $300 Million In SPAC List On Nasdaq

James Murdoch,  COO 21st Century Fox :  Press Conference - MIPCOM 2014 In Cannes

James Murdoch speaks to the audience at MIPCOM at the Palais des Festivals on October 13, 2014 in ... [+] Cannes, France.

Toni Anne Barson/FilmMagic

James Murdoch, the youngest son of media rich individual Rupert Murdoch, and former Walt Disney executive Uday Shankar are looking for to raise $300 million thru the listing of a blank-check company on Nasdaq.

The duo’s Seven Islands targets to promote 30 million shares at $10 apiece within the initial public offering that’s being managed by Goldman Sachs, JPMorgan Dash and PJT Partners. The IPO comes with an over-allotment option of 4.5 million shares.

Seven Island Inc., a undeniable reason acquisition company or SPAC, filed its IPO prospectus on Tuesday. Established in February this one year, the SPAC is backed by Murdoch’s funding agency Lupa Programs LLC and Shankar, the former president of Walt Disney Asia Pacific.

The SPAC is taking a inspect for doubtless acquisitions within the media, entertainment, user abilities, effectively being care and training industries throughout, in step with the submitting. Seven Islands will specialize in Southeast Asia and South Asia, with a reveal focus in India as these regions comprise one of the fundamental area’s fastest growing economies.

“The demographics of this set are weighted against populations who are youthful than the area average, and who are increasingly more knowledgeable, knowledgeable and experiencing rising incomes,” Seven Islands said in its submitting. “These extremely efficient macroeconomic forces are taking place alongside secular tailwinds in digital and abilities.”

Murdoch and Shankar declined to comment additional on the IPO submitting, in step with the their representative. The 2 beforehand worked together at Notable individual India, which grew to change into the nation’s ideally suited media company sooner than Walt Disney obtained 21st Century Fox’s sources, together with Notable individual, in 2019. Shankar joined the Asia Pacific unit of Disney after the deal unless his departure in December final one year.

Murdoch, 48, resigned from the board of Records Corp., his father’s flagship media company, in July final one year. In his resignation letter, Murdoch wrote “my resignation is as a result of disagreements over sure editorial protest material printed by the company’s news retailers and doubtless completely different strategic selections.” He remains a beneficiary of his family’s have faith—Forbes estimates that Rupert and his family’s fetch worth is presently about $22.7 billion.

Be taught Extra

Website Designed & SEO done by KV TechMedia - Web Design Company Uttar Pradesh, India
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram