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Former CEO of CNN and NBC Universal jeff sugar, private property rights company Red Bird Capital Partners and Abu Dhabi Headquarters International media investment Formal plans for the joint venture have already been drawn up.
Redbird input interfaceAs the name of the new entity, it has $1 billion in committed capital for “massive” media and sports investment opportunities, participants said.
Zucker will serve as CEO of the joint venture, and he will also join RedBird as an operating partner. Founded by former Goldman Sachs banker Gerry Cardinale, RedBird recently teamed up with Ben Affleck and Matt Damon on their new venture. It is a shareholder in Skydance and the XFL, which was bought out of bankruptcy by Dwayne Johnson and Dany Garcia.
News on the Zucker-RedBird Joint Venture first surfaced last month. Zucker left his position at WarnerMedia, where he oversaw sports and news, after disclosing a consensual relationship with former colleague Allison Gollust. While many at CNN have long known that the couple had an affair, the pair have been in a relationship since former primetime host Chris Cuomo served as the partner of his brother, former New York Governor Andrew Cuomo. The behavior of the consultant, Zak, has also come under scrutiny.
Zook joined CNN in 2013, then added oversight of Turner Sports in 2019. Before joining WarnerMedia, he spent 25 years at NBCU, serving as CEO for four years.
“I’ve spent 35 years running media businesses at the intersection of news, sports and entertainment, creating new brands and reviving old ones,” Zucker said in a release. “This experience has given me an unparalleled perspective on this unique media era, and the combination of RedBird and IMI’s capital and strategic discipline, combined with my operational experience, will make this joint venture unique in the current media landscape.” unique advantage.”
IMI is a private Abu Dhabi-based company whose portfolio includes The National, Sky News Arabia, CNN Business Arabic and The Grid.
“The launch of the RedBird IMI joint venture comes at an important time as the media industry continues to evolve in terms of content creation and distribution to meet the changing expectations of consumers around the world,” said IMI CEO Nart Bouran. “With Jeff Zucker and Gerry Cardinale cooperation will allow us to
Brings significant operational, investment and financial expertise to be impactful and transformative
Investments in media, entertainment and sports. ”
Cardinale said the new venture will be “a long-term, well-capitalized investment vehicle to own and operate a content-focused business in the U.S. and globally.”
He added that with Zucker as CEO, RedBird IMI “will combine substantial operational expertise with proven financial and investment acumen to deploy transformational capital at scale.”
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