The transaction, announced on Friday, is aimed at creating a comprehensive production and post-production entity. Saban Capital Acquisition Corp., headed by media mogul Haim Saban, intends to change its name to Panavision Holdings Inc. and is expected to continue to trade on the Nasdaq stock exchange.
Panavision president-ceo Kim Snyder will serve as chairman and CEO. Bill Roberts, chief financial officer of Panavision, will serve in that role for the combined company. The deal will close in the first quarter.
“Advancements in technology and the emergence of streaming have fundamentally changed how consumers watch and discover content,” Saban said. “This is driving significant growth in the market for production and post-production services. This secular trend creates a tremendous opportunity for Panavision to leverage its leading technology and pursue opportunistic acquisitions