Saban Capital Acquisition 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 11, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	SCACU
Entity Registrant Name	SABAN CAPITAL ACQUISITION CORP.
Entity Central Index Key	1,671,854
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,000,000
Class F Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,250,000

Balance Sheet

Balance Sheet	Sep. 30, 2016USD ($)
Current Assets:
Cash	$ 1,120,387
Prepaid expenses	35,170
Total current Assets	1,155,557
Investments held in Trust Account	250,000,000
Total Assets	251,155,557
Current Liabilities:
Accrued offering costs	27,105
Accrued other expenses	74,317
Due to related party	7,849
Total current liabilities	109,271
Deferred underwriting compensation	8,750,000
Total Liabilities	8,859,271
Class A ordinary shares subject to possible redemption, 23,729,628 shares at a redemption value of $10.00 per share	237,296,280
Shareholders' equity:
Preferred shares, $0.0001 par value; 5,000,000 shares authorized, none issued or outstanding
Additional paid-in capital	5,183,595
Accumulated deficit	(184,341)
Total Shareholders' equity	5,000,006
Total liabilities and shareholders' equity	251,155,557
Class A Ordinary Shares [Member]
Shareholders' equity:
Ordinary shares value	127
Class F Ordinary Shares [Member]
Shareholders' equity:
Ordinary shares value	$ 625

Balance Sheet (Parenthetical)

Balance Sheet (Parenthetical)	Sep. 30, 2016$ / sharesshares
Class A ordinary shares subject to possible redemption, shares	23,729,628
Class A ordinary shares subject to possible redemption, redemption value per share | $ / shares	$ 10
Preferred shares, par value | $ / shares	$ 0.0001
Preferred shares, authorized	5,000,000
Preferred shares, issued	0
Preferred shares, outstanding	0
Class A Ordinary Shares [Member]
Class A ordinary shares subject to possible redemption, shares	23,729,628
Ordinary shares, par value | $ / shares	$ 0.0001
Ordinary shares, authorized	500,000,000
Ordinary shares, issued	1,270,372
Ordinary shares, outstanding	1,270,372
Class F Ordinary Shares [Member]
Ordinary shares, par value | $ / shares	$ 0.0001
Ordinary shares, authorized	20,000,000
Ordinary shares, issued	6,250,000
Ordinary shares, outstanding	6,250,000

Statement of Operations

Statement of Operations - USD ($)	3 Months Ended	7 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Revenue	$ 0	$ 0
Professional fees and other expenses	149,814	171,815
Organizational costs		12,526
Net loss attributable to ordinary shares	(149,814)	(184,341)
Class A Ordinary Shares [Member]
Net loss attributable to ordinary shares	$ (42,128)	$ (31,891)
Ordinary shares - basic and diluted	$ (0.02)	$ (0.03)
Class F Ordinary Shares [Member]
Net loss attributable to ordinary shares	$ (107,686)	$ (152,450)
Ordinary shares - basic and diluted	$ (0.02)	$ (0.03)

Statement of Shareholders' Equi

Statement of Shareholders' Equity - 7 months ended Sep. 30, 2016 - USD ($)	Total	Class A Ordinary Shares [Member]	Class F Ordinary Shares [Member]	Ordinary Shares [Member]Class A Ordinary Shares [Member]	Ordinary Shares [Member]Class F Ordinary Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
Balance, value at Mar. 14, 2016	$ 0
Balance, shares at Mar. 14, 2016	0
Sale of Class F ordinary shares on April 11, 2016 to Sponsor at $0.004 per share, value	$ 25,000				$ 575	$ 24,425
Sale of Class F ordinary shares on April 11, 2016 to Sponsor at $0.004 per share, shares					5,750,000
Capitalization of Class F ordinary shares on September 15, 2016, value					$ 50	(50)
Capitalization of Class F ordinary shares on September 15, 2016, shares					500,000
Proceeds from initial public offering of Units on September 21, 2016 at $10.00 per Unit, value	250,000,000			$ 2,500		249,997,500
Proceeds from initial public offering of Units on September 21, 2016 at $10.00 per Unit, shares				25,000,000	0
Sale of 7,000,000 Private Placement Warrants to Sponsor on September 15, 2016 at $1.00 per Private Placement Warrant	7,000,000					7,000,000
Underwriters discounts	(5,000,000)					(5,000,000)
Deferred offering costs charged to additional paid-in capital	(794,373)					(794,373)
Deferred underwriting compensation	(8,750,000)					(8,750,000)
Class A ordinary shares subject to possible redemption; 23,729,628 shares at a redemption value of $10.00 per share	(237,296,280)			$ (2,373)		(237,293,907)
Class A ordinary shares subject to possible redemption; 23,729,628 shares at a redemption value of $10.00 per share, shares				(23,729,628)
Net loss attributable to ordinary shares	(184,341)	$ (31,891)	$ (152,450)				$ (184,341)
Balance, value at Sep. 30, 2016	$ 5,000,006			$ 127	$ 625	$ 5,183,595	$ (184,341)
Balance, shares at Sep. 30, 2016				1,270,372	6,250,000

Statement of Shareholders' Equ6

Statement of Shareholders' Equity (Parenthetical)	Sep. 30, 2016$ / sharesshares
Sale of Private Placement warrants, number of warrants | shares	7,000,000
Sale of Private Placement warrants, price per warrant	$ 1
Class A ordinary shares subject to possible redemption, shares | shares	23,729,628
Class A ordinary shares subject to possible redemption, redemption value per share	$ 10
IPO [Member]
Sale of shares, price per share	10
Sponsor [Member]
Sale of shares, price per share	$ 0.004

Statement of Cash Flows

Statement of Cash Flows	7 Months Ended
	Sep. 30, 2016USD ($)
Cash flows from operating activities:
Net loss attributable to ordinary shares	$ (184,341)
Changes in operating assets and liabilities
Prepaid expenses	(35,170)
Accrued expenses	74,317
Net cash used by operating activities	(145,194)
Cash flows from investing activities:
Proceeds deposited into Trust Account	(250,000,000)
Net cash used by investing activities	(250,000,000)
Cash flows from financing activities:
Due to related party	7,849
Proceeds from the sale of Class F ordinary shares to Sponsor	25,000
Proceeds from sale of Units in initial public offering	250,000,000
Proceeds from sale of Private Placement Warrants to Sponsor	7,000,000
Proceeds of notes payable from Sponsor	250,000
Payment of underwriters discounts	(5,000,000)
Payment of accrued offering costs	(767,268)
Repayment of notes payable from Sponsor	(250,000)
Net cash provided by financing activities	251,265,581
Net increase in cash	1,120,387
Cash at beginning of period	0
Cash at end of period	1,120,387
Supplemental disclosure of non-cash financing activities:
Deferred underwriting compensation	8,750,000
Accrued offering costs	$ 27,105

Description of Organization and

Description of Organization and Business Operations	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Organization and Business Operations	Note 1—Description of Organization and Business Operations Organization and General: Saban Capital Acquisition Corp. (the “Company”) was incorporated in the Cayman Islands on March 15, 2016. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Company’s sponsor is Saban Sponsor LLC, a Delaware limited liability company (the “Sponsor”). At September 30, 2016, the Company had not commenced any significant operations. All activity for the period from March 15, 2016 (“Inception”) through September 30, 2016 relates to the Company’s formation and activities related to the initial public offering of units, each consisting of one of the Company’s Class A ordinary shares and one half of one warrant where each whole warrant entitles the holder to purchase one Class A ordinary share (the “Public Offering). The Company will not generate any operating revenues until after completion of the Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the Private Placement (as defined below). The Company has selected December 31st as its fiscal year end. Financing: The registration statement for the Company’s Public Offering was declared effective by the United States Securities and Exchange Commission (the “SEC”) on September 15, 2016. The Public Offering closed on September 21, 2016 (the “Closing Date”). The Company’s Sponsor purchased an aggregate of 7,000,000 warrants at a purchase price of $1.00 per warrant, or $7,000,000 in the aggregate, in a private placement at the Closing Date (the “Private Placement”). The warrants are included in additional paid-in capital at the balance sheet. The Company intends to finance a Business Combination with a portion of proceeds from its $250,000,000 Public Offering and $7,000,000 Private Placement (see Note 3). At the Closing Date, proceeds from the Public Offering of $250,000,000, net of underwriting discounts of $5,000,000, and $5,000,000 of the Private Placement proceeds, were deposited in a trust account with Continental Stock Transfer and Trust Company acting as trustee (the “Trust Account”) as described below. The Trust Account: As of September 21, 2016, the net proceeds from the Public Offering and a portion of the Private Placement Proceeds were deposited in the Trust Account. The Trust Account may be invested only in U.S. government treasury bills with a maturity of one hundred and eighty (180) days or less or in money market funds investing solely in United States Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), which invest only in direct U.S. government obligations. Because the investment of the proceeds will be restricted to these instruments, the Company expects to meet the requirements for the exemption provided in Rule 3a-1 promulgated under the Investment Company Act. At September 30, 2016, the funds were invested only in money market funds meeting those certain conditions under Rule 2a-7. Funds will remain in the Trust Account except for the withdrawal of interest to pay taxes, if any, until the earliest of (i) the completion of the Business Combination, (ii) the redemption of any Public Shares (as defined below) properly tendered in connection with a shareholder vote to amend the amended and restated memorandum and articles of association to modify the substance and timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete its Business Combination within 24 months from the closing of this offering, or (iii) the redemption of all of the Company’s Public Shares if it is unable to complete the Business Combination within 24 months from the closing of this offering, subject to applicable law. The remaining proceeds outside the Trust Account may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. Business Combination: The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating a Business Combination with (or acquisition of) a Target Business. As used herein, the “Target Business” must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account, net of any deferred underwriting commissions and taxes payable on interest earned, at the time of the Company signing a definitive agreement to proceed with a Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination. The Company, after signing a definitive agreement for a Business Combination, will either (i) seek shareholder approval of the Business Combination at a meeting called for such purpose in connection with which shareholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest but less taxes payable, or (ii) provide shareholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to commencement of the tender offer, including interest but less taxes payable. The decision as to whether the Company will seek shareholder approval of the Business Combination or will allow shareholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek shareholder approval, unless a vote is required by NASDAQ rules. If the Company seeks shareholder approval, it will complete its Business Combination only if a majority of the issued and outstanding ordinary shares voted are voted in favor of the Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of its Public Shares and the related Business Combination, and instead may search for an alternate Business Combination. If the Company holds a shareholder vote or there is a tender offer for its Public Shares in connection with a Business Combination, a public shareholder will have the right to redeem its Public Shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest but less taxes payable. As a result, such Public Shares will be recorded at their redemption amount and classified as temporary equity in accordance with Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”). The Company has 24 months from the Closing Date to complete a Business Combination. If the Company does not complete a Business Combination within this time period, it shall (i) cease all operations except for the purposes of winding up, (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest, net of taxes payable (less up to $50,000 of such net interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish the public shareholders’ rights as owners of Class A ordinary shares (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Initial Shareholders (as defined below) have entered into a letter agreement with the Company, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete a Business Combination within 24 months after the Closing Date. However, if the Initial Shareholders acquire Public Shares after the Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete the Business Combination within 24 months after the Closing Date. If the Company fails to complete a Business Combination within 24 months after the Closing Date, the resulting redemption of the Company’s Class A ordinary shares will reduce the book value per share for the Founder Shares held by the Initial Shareholders, who would be the only remaining shareholders after such a redemption.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Presentation: The accompanying interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC, and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position at September 30, 2016 and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with US GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for the full year or any future periods. The accompanying unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final Prospectus dated September 15, 2016 filed by the Company with the SEC and the audited balance sheet and notes thereto included the Current Report on Form 8-K dated September 21, 2016 filed by the Company with the SEC. Emerging Growth Company: Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. Concentration of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments: The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet. Redeemable Ordinary Shares: All 25,000,000 Class A ordinary shares sold as part of the Units in the Public Offering contain a redemption feature as discussed above. In accordance with ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that in no event will it redeem its Class A ordinary shares in an amount that would cause its net tangible assets, or total shareholders’ equity, to fall below $5,000,001. Accordingly, at September 30, 2016, 23,729,628 of the Company’s 25,000,000 Class A ordinary shares were classified outside of permanent equity at their redemption value. Net Loss per Ordinary Share: We have two classes of ordinary shares, which we refer to as Class A ordinary shares and Class F ordinary shares. Our public shareholders have the opportunity to redeem their shares upon the completion of our Business Combination at a per share price that is equal to the aggregate amount then on deposit in the Trust Account including interest, divided by the number of then outstanding public shares, subject to certain limitations. Accordingly, we use the two-class method to compute our earnings per ordinary share. The two-class method is an earnings allocation formula that determines earnings per share separately for each class of ordinary shares based on an allocation of undistributed earnings per the rights of each class. At September 30, 2016, the Company had outstanding warrants for the purchase of up to 19,500,000 Class A ordinary shares. For all periods presented, the weighted average of these shares was excluded from the calculation of diluted net loss per ordinary share because its inclusion would have been anti-dilutive. As a result, diluted net loss per ordinary share is equal to basic net loss per ordinary share. The table below presents for the periods indicated a reconciliation of the numerators and denominators we used to compute basic and diluted net loss per share for each class of our ordinary shares: Three Months Ended Sept. 30, 2016 For the Period from March 15, 2016 (inception) to September 30, 2016 Class A Class F Class A Class F Basic and diluted net loss per share: Numerator: Allocation of net loss $ (42,128 ) $ (107,686 ) $ (31,891 ) $ (152,450 ) Denominator: Weighted-average shares outstanding 2,445,650 6,250,000 1,130,000 5,401,875 Basic and diluted net loss per share $ (0.02 ) $ (0.02 ) $ (0.03 ) $ (0.03 ) Use of Estimates: The preparation of the Company’s balance sheet in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Offering Costs: The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (SAB) Topic 5A—“Expenses of Offering”. The Company incurred offering costs in connection with its Public Offering of $794,373, primarily consisting of accounting and legal services, securities registration expenses and exchange listing fees. These costs, along with underwriter discounts totalling $13,750,000, were charged to additional paid-in capital at the Closing Date. Income Taxes: The Company follows the asset and liability method of accounting for income taxes under ASC, 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at September 30, 2016. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. Exempted companies are Cayman Islands companies wishing to conduct business outside the Cayman Islands and, as such, are exempted from complying with certain provisions of the Companies Law. As an exempted company, we have applied for and received a tax exemption undertaking from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Law (2011 Revision) of the Cayman Islands, for a period of 20 years from the date of the undertaking. Consequently, income taxes have not been reflected in the Financial Statements. Recent Accounting Pronouncements: Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Public Offering

Public Offering	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Public Offering	Note 3—Public Offering In its Public Offering, the Company sold 25,000,000 units at a price of $10.00 per unit (the “Units”). Each unit consists of one of the Company’s Class A ordinary shares, $0.0001 par value per share (each, a “Public Share”), and one half of one warrant (“Warrant”). Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Warrants may be exercised only for a whole number of Class A ordinary shares; no fractional shares will be issued upon exercise of the Warrants. Each Warrant will become exercisable on the later of 30 days after the completion of the initial Business Combination or 12 months after the Closing Date, and will expire after the earlier of five years after the completion of the initial Business Combination, or upon redemption or liquidation. Alternatively, if the Company does not complete a Business Combination within 24 months after the Closing Date, the Warrants will expire worthless at the end of such period. If the Company is unable to deliver registered Class A ordinary shares to the holder upon exercise of Warrants issued in connection with the 25,000,000 Units during the exercise period, the Warrants will expire worthless, except to the extent that they may be exercised on a cashless basis in the circumstances described in the Warrant agreement. Once the Warrants become exercisable, the Company may redeem the outstanding Warrants in whole, but not in part, at a price of $0.01 per Warrant upon a minimum of 30 days’ prior written notice of redemption, and only in the event that the last sale price of the Company’s Public Shares equals or exceeds $18.00 (subject to adjustments) per share for any 20 trading days within the 30-trading day period ending on the third trading day before the Company sends the notice of redemption to the Warrant holders. The Company has agreed to use its best efforts to file a registration statement for the Class A ordinary shares issuable upon exercise of the Warrants under the Securities Act as soon as practicable, but in no event later than 15 business days following the completion of the initial Business Combination. The Company paid an underwriting discount of 2.00% of the gross proceeds of the Public Offering, or $5,000,000, to the underwriters at the Closing Date, with an additional fee (the “Deferred Discount”) of 3.50% of the gross proceeds of the Public Offering, or $8,750,000, payable upon the Company’s completion of a Business Combination. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes a Business Combination. The underwriters are not entitled to receive any of the interest earned on Trust Account funds that would be used to pay the Deferred Discount. The Deferred Discount is recorded as deferred underwriter compensation at the Company’s balance sheet.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Note 4—Related Party Transactions Founder Shares On April 11, 2016, the Company’s Sponsor purchased 5,750,000 Class F ordinary shares for $25,000, or approximately $0.004 per share. In August 2016, the Company repurchased 99,000 founder shares from the Sponsor at their original per share issuance price and subsequently issued such number of founder shares pursuant to The 2016 Share Award Plan of the Company for the same per share price to certain individuals who will assist in the evaluation of investment opportunities. In September 2016, the Company’s Sponsor transferred 30,000 founder shares to each of the Company’s independent director nominees at their original per share issue price (together with the Sponsor and the other individuals that received founder shares, the “Initial Shareholders). On September 15, 2016, we effected a pro rata share capitalization resulting in an increase in the total number of founder shares outstanding from 5,750,000 to 6,250,000 in order to maintain the ownership of founder shares by our initial shareholders at 20% of our issued and outstanding shares upon consummation of the Public Offering. Private Placement Warrants Simultaneously with the consummation of the Public Offering, the Sponsor purchased 7,000,000 warrants at a price of $1.00 per warrant, or $7,000,000 in the aggregate, in a Private Placement (the “Private Placement Warrants”). Each Private Placement Warrant entitles the holder to purchase one Class A ordinary share for $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants was placed in the Trust Account. The Private Placement Warrants may not be redeemed by the Company so long as they are held by the Sponsor. If any Private Placement Warrants are held by holders other than the Sponsor or certain permitted transferees, such Private Placement Warrants will be redeemable and exercisable by the holders on the same basis as the Warrants included in the Units sold under the Public Offering. The Sponsor has the option to exercise the Private Placement Warrants on a cashless basis. If the Company does not complete a Business Combination within 24 months after the Closing Date, the proceeds of the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Company’s Public Shares (subject to the requirements of applicable law), and the Private Placement Warrants will expire worthless. Registration Rights Holders of the Founder Shares and Private Placement Warrants, have registration rights pursuant to a registration rights agreement. The holders of these securities are entitled to make up to three demands that the Company register the Private Placement Warrants, Class A ordinary shares underlying the Private Placement Warrants and Class F ordinary shares. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed by the Company subsequent to its completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock up period. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Related Party Notes Between Inception and the Closing Date, the Company’s Sponsor loaned the Company $250,000 in unsecured promissory notes. The funds were used to pay up front expenses associated with the Public Offering. These notes were non-interest bearing and were netted against proceeds from the Sponsor at the Closing Date. Due to Related Party Saban Capital Group, Inc. is an affiliate of the Company which advanced various costs on behalf of the Company. Total related party advances amounted to $63,183 for the period March 15, 2016 (inception) through September 30, 2016 and were reported as deferred offering costs and general and administrative expenses. As of September 30, 2016, the amount due to related party was $7,849. Administrative Service Agreement Effective September 15, 2016, the Company entered into an agreement to pay monthly expenses of $10,000 for office space, administrative services and support services to an affiliate of the Company’s Sponsor. The agreement terminates upon the earlier of the completion of a Business Combination or the liquidation of the Company.

Cash Held in Trust

Cash Held in Trust	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Cash Held in Trust	Note 5—Cash Held in Trust Gross proceeds of $250,000,000 and $5,000,000 from the Public Offering and Private Placement, respectively, less underwriting discounts of $5,000,000 were placed in the Trust Account at the Closing Date. At September 30, 2016, funds in the Trust Account totaled $250,000,000 and were held in money market funds.

Deferred Underwriting Compensat

Deferred Underwriting Compensation	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Underwriting Compensation	Note 6—Deferred Underwriting Compensation The Company is committed to pay the Deferred Discount of 3.50% of the gross proceeds of the Public Offering, or $8,750,000, to the underwriters upon the Company’s completion of a Business Combination. The underwriters are not entitled to receive any of the interest earned on Trust Account funds that would be used to pay the Deferred Discount, and no Deferred Discount is payable to the underwriters if a Business Combination is not completed within 24 months after the Closing Date.

Shareholder's Equity

Shareholder's Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Shareholder's Equity	Note 7—Shareholder’s Equity Class A Ordinary Shares The Company is authorized to issue 500,000,000 Class A ordinary shares. Depending on the terms of a potential Business Combination, the Company may be required to increase the number of authorized Class A ordinary shares at the same time as its shareholders vote on the Business Combination to the extent the Company seeks shareholder approval in connection with its Business Combination. Holders of Class A ordinary shares are entitled to one vote for each held on all matters to be voted on by shareholders. At September 30, 2016, there were 25,000,000 Class A ordinary shares issued and outstanding (Public Shares), of which 23,729,628 shares were subject to possible redemption and are classified outside of shareholders’ equity on the balance sheet. Class F Ordinary Shares The Company is authorized to issue 20,000,000 Class F ordinary shares. Holders of the Company’s Class F ordinary shares are entitled to one vote for each ordinary share. Class F ordinary shares are automatically converted to Class A common shares on a one-for-one basis at the time of a Business Combination, subject to certain adjustments. The Initial Shareholders and sole holders of Class F ordinary shares (“Founder Shares”) have agreed not to transfer, assign or sell any Class F ordinary shares during the lock up period, subject to certain exceptions. At September 30, 2016, there were 6,250,000 Class F ordinary shares issued and outstanding. Preferred Shares The Company is authorized to issue 5,000,000 preferred shares. The Company’s board of directors has the authority to determine the voting rights, if any, designations, powers, preferences, and the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the preferred shares of each series. The board of directors may, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and other rights of the holders of Public Shares, and which could have anti-takeover effects. At September 30, 2016, there were no preferred shares issued or outstanding.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 8—Subsequent Events Subsequent Events: Management has performed an evaluation of subsequent events through November 14, 2016, the date of issuance of the financial statements, noting no other items which require adjustment or disclosure, other than the following: On November 4, 2016, the Company issued a press release announcing that the holders of the Company’s Units may elect to separately trade the Class A ordinary shares and warrants included in the Units commencing on November 7, 2016.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC, and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position at September 30, 2016 and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in financial statements prepared in accordance with US GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for the full year or any future periods. The accompanying unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the final Prospectus dated September 15, 2016 filed by the Company with the SEC and the audited balance sheet and notes thereto included the Current Report on Form 8-K dated September 21, 2016 filed by the Company with the SEC.
Emerging Growth Company	Emerging Growth Company: Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
Concentration of Credit Risk	Concentration of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Financial Instruments	Financial Instruments: The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet.
Redeemable Ordinary Shares	Redeemable Ordinary Shares: All 25,000,000 Class A ordinary shares sold as part of the Units in the Public Offering contain a redemption feature as discussed above. In accordance with ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that in no event will it redeem its Class A ordinary shares in an amount that would cause its net tangible assets, or total shareholders’ equity, to fall below $5,000,001. Accordingly, at September 30, 2016, 23,729,628 of the Company’s 25,000,000 Class A ordinary shares were classified outside of permanent equity at their redemption value.
Net Loss per Ordinary Share	Net Loss per Ordinary Share: We have two classes of ordinary shares, which we refer to as Class A ordinary shares and Class F ordinary shares. Our public shareholders have the opportunity to redeem their shares upon the completion of our Business Combination at a per share price that is equal to the aggregate amount then on deposit in the Trust Account including interest, divided by the number of then outstanding public shares, subject to certain limitations. Accordingly, we use the two-class method to compute our earnings per ordinary share. The two-class method is an earnings allocation formula that determines earnings per share separately for each class of ordinary shares based on an allocation of undistributed earnings per the rights of each class. At September 30, 2016, the Company had outstanding warrants for the purchase of up to 19,500,000 Class A ordinary shares. For all periods presented, the weighted average of these shares was excluded from the calculation of diluted net loss per ordinary share because its inclusion would have been anti-dilutive. As a result, diluted net loss per ordinary share is equal to basic net loss per ordinary share. The table below presents for the periods indicated a reconciliation of the numerators and denominators we used to compute basic and diluted net loss per share for each class of our ordinary shares: Three Months Ended Sept. 30, 2016 For the Period from March 15, 2016 (inception) to September 30, 2016 Class A Class F Class A Class F Basic and diluted net loss per share: Numerator: Allocation of net loss $ (42,128 ) $ (107,686 ) $ (31,891 ) $ (152,450 ) Denominator: Weighted-average shares outstanding 2,445,650 6,250,000 1,130,000 5,401,875 Basic and diluted net loss per share $ (0.02 ) $ (0.02 ) $ (0.03 ) $ (0.03 )
Use of Estimates	Use of Estimates: The preparation of the Company’s balance sheet in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Offering Costs	Offering Costs: The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (SAB) Topic 5A—“Expenses of Offering”. The Company incurred offering costs in connection with its Public Offering of $794,373, primarily consisting of accounting and legal services, securities registration expenses and exchange listing fees. These costs, along with underwriter discounts totalling $13,750,000, were charged to additional paid-in capital at the Closing Date.
Income Taxes	Income Taxes: The Company follows the asset and liability method of accounting for income taxes under ASC, 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at September 30, 2016. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. Exempted companies are Cayman Islands companies wishing to conduct business outside the Cayman Islands and, as such, are exempted from complying with certain provisions of the Companies Law. As an exempted company, we have applied for and received a tax exemption undertaking from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Law (2011 Revision) of the Cayman Islands, for a period of 20 years from the date of the undertaking. Consequently, income taxes have not been reflected in the Financial Statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Reconciliation of Numerators and Denominators Used to Compute Basic and Diluted Net Loss Per Share	The table below presents for the periods indicated a reconciliation of the numerators and denominators we used to compute basic and diluted net loss per share for each class of our ordinary shares: Three Months Ended Sept. 30, 2016 For the Period from March 15, 2016 (inception) to September 30, 2016 Class A Class F Class A Class F Basic and diluted net loss per share: Numerator: Allocation of net loss $ (42,128 ) $ (107,686 ) $ (31,891 ) $ (152,450 ) Denominator: Weighted-average shares outstanding 2,445,650 6,250,000 1,130,000 5,401,875 Basic and diluted net loss per share $ (0.02 ) $ (0.02 ) $ (0.03 ) $ (0.03 )

Description of Organization a18

Description of Organization and Business Operations - Additional Information (Detail) - USD ($)	Sep. 21, 2016	Sep. 30, 2016
Organization And Business Operations [Line Items]
Sale of Private Placement warrants, price per warrant		$ 1
Proceeds from initial public offering	$ 250,000,000	$ 250,000,000
Proceeds from private placement	7,000,000	7,000,000
Payment of underwriters discounts	$ 5,000,000	$ 5,000,000
Percentage of public shares required to repurchase if business combination is not completed within specified period		100.00%
Period from closing of public offering to complete business combination		24 months
Percentage of fair market value to that of balance in the trust account		80.00%
Minimum net tangible assets		$ 5,000,001
Class A Ordinary Shares [Member]
Organization And Business Operations [Line Items]
Warrants outstanding		19,500,000
Class A Ordinary Shares [Member] | IPO [Member]
Organization And Business Operations [Line Items]
Number of shares in each unit		1
Number of warrants in each unit		0.5
Maximum [Member]
Organization And Business Operations [Line Items]
Net interest to pay dissolution expenses		$ 50,000
Sponsor [Member] | Private Placement [Member]
Organization And Business Operations [Line Items]
Warrants outstanding	7,000,000	7,000,000
Sale of Private Placement warrants, price per warrant	$ 1	$ 1
Proceeds from sale of Private Placement Warrants to Sponsor	$ 7,000,000	$ 7,000,000
Continental Stock Transfer and Trust Company [Member]
Organization And Business Operations [Line Items]
Proceeds from private placement	$ 5,000,000
U.S. Government Treasury Bills [Member] | Maximum [Member]
Organization And Business Operations [Line Items]
Debt instrument, maturity period		180 days

Summary of Significant Accoun19

Summary of Significant Accounting Policies - Additional Information (Detail)	7 Months Ended
	Sep. 30, 2016USD ($)Class_of_Stockshares
Summary Of Significant Accounting Policy [Line Items]
Federal depository insurance coverage | $	$ 250,000
Shares subject to possible redemption | shares	23,729,628
Minimum net tangible assets | $	$ 5,000,001
Number of classes of ordinary shares | Class_of_Stock	2
Deferred offering costs | $	$ 794,373
IPO [Member]
Summary Of Significant Accounting Policy [Line Items]
Deferred offering costs | $	794,373
Underwriter discounts | $	$ 13,750,000
Class A Ordinary Shares [Member]
Summary Of Significant Accounting Policy [Line Items]
Shares subject to possible redemption | shares	23,729,628
Warrants to purchase Class A ordinary shares outstanding | shares	19,500,000
Class A Ordinary Shares [Member] | IPO [Member]
Summary Of Significant Accounting Policy [Line Items]
Common stock shares issued | shares	25,000,000
Shares subject to possible redemption | shares	23,729,628

Summary of Significant Accoun20

Summary of Significant Accounting Policies - Reconciliation of Numerators and Denominators Used to Compute Basic and Diluted Net Loss Per Share (Detail) - USD ($)	3 Months Ended	7 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Numerator:
Allocation of net loss	$ (149,814)	$ (184,341)
Class A Ordinary Shares [Member]
Numerator:
Allocation of net loss	$ (42,128)	$ (31,891)
Denominator:
Weighted-average shares outstanding	2,445,650	1,130,000
Basic and diluted net loss per share	$ (0.02)	$ (0.03)
Class F Ordinary Shares [Member]
Numerator:
Allocation of net loss	$ (107,686)	$ (152,450)
Denominator:
Weighted-average shares outstanding	6,250,000	5,401,875
Basic and diluted net loss per share	$ (0.02)	$ (0.03)

Public Offering - Additional In

Public Offering - Additional Information (Detail) - USD ($)	Sep. 21, 2016	Sep. 30, 2016
Class of Stock [Line Items]
Percentage of underwriting commission on gross proceeds		2.00%
Payment of underwriters discounts	$ 5,000,000	$ 5,000,000
Additional fee payable on gross proceed		$ 8,750,000
Percentage of additional fee payable on gross proceed		3.50%
Class A Ordinary Shares [Member]
Class of Stock [Line Items]
Ordinary shares, par value		$ 0.0001
Ordinary Shares [Member] | Class A Ordinary Shares [Member]
Class of Stock [Line Items]
Sale of units		25,000,000
IPO [Member]
Class of Stock [Line Items]
Share unit price per share		$ 10
IPO [Member] | Class A Ordinary Shares [Member]
Class of Stock [Line Items]
Sale of units		25,000,000
Share unit price per share		$ 10
Number of shares in each unit		1
Ordinary shares, par value		$ 0.0001
Number of warrants in each unit		0.5
Warrant exercise price per share		$ 11.50
Warrant exercisable, term		30 days
Warrant expiration, term		5 years
Period from closing of Public Offering for exercise of warrants		12 months
Period from closing of public offering that warrants will expire if initial business combination is not complete		24 months
Warrant redemption price per share		$ 0.01
Warrant redemption stock price trigger		$ 18
Warrant redemption threshold trading days		20 days
Warrant redemption threshold consecutive trading days		30 days
Warrant registration period		15 days
IPO [Member] | Class A Ordinary Shares [Member] | Minimum [Member]
Class of Stock [Line Items]
Warrant redemption period		30 days
IPO [Member] | Ordinary Shares [Member] | Class A Ordinary Shares [Member]
Class of Stock [Line Items]
Sale of units		25,000,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Sep. 21, 2016	Sep. 15, 2016	Apr. 11, 2016	Sep. 30, 2016	Aug. 31, 2016	Sep. 30, 2016
Related Party Transaction [Line Items]
Stock issued during period, value, new issues						$ 250,000,000
Stock repurchased during period, shares					99,000
Founder shares transferred				30,000
Founder shares outstanding		6,250,000
Warrants price per share				$ 1		$ 1
Period from closing of public offering to complete business combination						24 months
Proceeds of notes payable from Sponsor						$ 250,000
Sponsor [Member]
Related Party Transaction [Line Items]
Shares issued, price per share				$ 0.004		$ 0.004
Proceeds of notes payable from Sponsor						$ 250,000
Sponsor [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Warrants outstanding	7,000,000			7,000,000		7,000,000
Warrants price per share	$ 1			$ 1		$ 1
Proceeds from sale of Private Placement Warrants to Sponsor	$ 7,000,000					$ 7,000,000
Initial Stockholders [Member]
Related Party Transaction [Line Items]
Percentage of shares held by related party		20.00%
Saban Capital Group, Inc. [Member]
Related Party Transaction [Line Items]
Total related party advances						63,183
Amount due to related party				$ 7,849		$ 7,849
Affiliate of Sponsor [Member]
Related Party Transaction [Line Items]
Monthly expense for office space, administrative services and support services to an affiliate		$ 10,000
Class F Ordinary Shares [Member] | Sponsor [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues			5,750,000
Stock issued during period, value, new issues			$ 25,000
Shares issued, price per share			$ 0.004
Class A Ordinary Shares [Member]
Related Party Transaction [Line Items]
Warrants outstanding				19,500,000		19,500,000
Class A Ordinary Shares [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Number of shares per warrant entitled for purchase				1		1
Warrant exercise price per share				$ 11.50		$ 11.50

Cash Held in Trust - Additional

Cash Held in Trust - Additional Information (Detail) - USD ($)	Sep. 21, 2016	Sep. 30, 2016
Cash and Cash Equivalents [Line Items]
Gross proceeds from public offering	$ 250,000,000	$ 250,000,000
Gross proceeds from private placement	7,000,000	7,000,000
Payment of underwriters discounts	5,000,000	5,000,000
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Funds held in Trust Account		$ 250,000,000
Continental Stock Transfer and Trust Company [Member]
Cash and Cash Equivalents [Line Items]
Gross proceeds from private placement	$ 5,000,000

Deferred Underwriting Compens24

Deferred Underwriting Compensation - Additional Information (Detail)	7 Months Ended
	Sep. 30, 2016USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred underwriting discount payable	3.50%
Deferred underwriting compensation	$ 8,750,000
Period from closing of public offering to complete business combination	24 months

Shareholder's Equity - Addition

Shareholder's Equity - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016shares
Class of Stock [Line Items]
Shares subject to possible redemption	23,729,628
Common stock conversion basis	Class F ordinary shares are automatically converted to Class A common shares on a one-for-one basis at the time of a Business Combination, subject to certain adjustments.
Common stock conversion basis ratio	100.00%
Preferred shares, authorized	5,000,000
Preferred shares, issued	0
Preferred shares, outstanding	0
Class A Ordinary Shares [Member]
Class of Stock [Line Items]
Ordinary shares, authorized	500,000,000
Ordinary shares, issued	1,270,372
Ordinary shares, outstanding	1,270,372
Shares subject to possible redemption	23,729,628
Common stock voting rights	One vote for each held on all matters to be voted on by shareholders.
Class F Ordinary Shares [Member]
Class of Stock [Line Items]
Ordinary shares, authorized	20,000,000
Ordinary shares, issued	6,250,000
Ordinary shares, outstanding	6,250,000
Common stock voting rights	One vote for each ordinary share