Jeff Zucker seems to be for media investments as a part of a brand new agency

Former CNN chief Jeff Zucker is transferring on to his subsequent chapter.

The veteran government has been named chief government and working accomplice of RedBird IMI, an funding fund that may will give attention to acquisitions and taking stakes in media, leisure and sports activities properties, the corporate introduced.

RedBird IMI is a three way partnership backed by two personal funding corporations, New York-based RedBird Capital Companions and Worldwide Media Investments in Abu Dhabi. The brand new entity will launch with $1 billion in capital.

RedBird was based in 2014 by Gerry Cardinale and at the moment manages greater than $7.5 billion in belongings on behalf of a world group of blue-chip institutional buyers. RedBird’s holding embody stakes within the Fenway Sports activities Group, which owns the Boston Purple Sox and NESN, a regional sports activities community.

The agency has additionally invested within the YES Community, the TV outlet for the New York Yankees and the Brooklyn Nets, and SpringHill Firm, an leisure firm based by NBA famous person LeBron James and Maverick Carter.

Worldwide Media Investments is a non-public firm that holds media investments abroad, together with the Nationwide, Sky Information Arabia, CNN Enterprise Arabic and the Grid.

Zucker’s management within the three way partnership will seemingly result in hypothesis that RedBird IMI might make a bid for CNN if Warner Bros. Discovery decides to spin off the cable information community to assist scale back the corporate’s huge debt.

Warner Bros. Discovery administration has by no means advised any intention to promote CNN, though the notion is whispered about informally inside the corporate.

CNN was turning an annual revenue of greater than $1 billion underneath Zucker’s management from 2013 by 2022. He was pressured to resign earlier this yr after he didn’t disclosed he’s in a romantic relationship with Allison Gollust, a longtime aide who additionally served as chief advertising officer for CNN.

Underneath Warner Bros. Discovery’s administration, CNN has been in turmoil, going through cost-cutting and layoffs whereas trying to find a down-the-middle identification at a time when cable information audiences have change into partisan tribes. The community can also be going through the long-term problem of customers chopping the pay-TV twine, a risk to subscribers price income.

Zucker, 57, additionally served as president of Turner Sports activities from 2019 to 2022 — concurrent along with his CNN management — and served as and chief government of NBCUniversal from 2007 to 2011. His rise at NBC started within the early Nineteen Nineties when he turned the 26-year-old government producer of the morning present “Today.”