Hollywood Vets to Take Mobile Gaming Firm Skillz Public

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.

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