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Accretive Transaction Strengthens Leadership in Inflight Content & Connectivity Market
Extends Hollywood Studio and Airline Customer BaseExpands Footprint to other Non-Theatrical Markets, including Cruise Lines
WESTLAKE VILLAGE, Calif. and IRVINE, Calif., May 9, 2013 (GLOBE NEWSWIRE) -- Global Eagle Entertainment Inc. (Nasdaq:ENT) ("Global Eagle") and Post Modern Group, LLC (PMG) announced today that they have entered into a definitive agreement for Global Eagle to acquire Post Modern Group, LLC (PMG) for a total consideration of up to $23.9 million in a combination of cash and stock. The acquisition expands and strengthens Global Eagle's relationships with airlines around the world and provides entry into the cruise line industry and other non-theatrical markets. The transaction is in line with Global Eagle's strategic plan to consolidate the top content and distribution companies serving these markets.
Founded in 1993, PMG is a leading provider of video production, post-production and digital content delivery services spanning TV shows, feature films, commercials, home video and live news broadcasts, as well as multi-language media for use in in-flight entertainment systems. PMG currently serves a customer base of over 10 motion picture and television 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. Global Eagle expects to benefit from substantial synergies that will further impact the contribution from the transaction in 2014.
Global Eagle is the leader in providing movies and television programming, audio, games, applications and creative solutions to the worldwide in-flight entertainment market, with over 130 airlines under contract. The addition of PMG's digital technologies, studios, software applications and personnel will further strengthen Global Eagle's leadership in customizing, delivering and managing the distribution of content to airlines, as well as expand the company's footprint to additional markets, including cruise ships, universities, hospitals and other non-theatrical venues.