Jeff Zucker, the former president of CNN, has launched a new venture called RedBird IMI, backed by RedBird Capital Partners and International Media Investments. The venture has $1 billion in funding and is focused on investing in digital media, sports, entertainment, and news. RedBird is committing $250 million to the venture, while IMI has agreed to commit the remaining $750 million. Zucker has already begun scouting deals, including discussions to invest in digital media start-ups such as Puck and Semafor, and meeting with the founders of Punchbowl News. He is also interested in building a company that owns digital publications targeted at specific audiences, similar to Condé Nast.
RedBird IMI: Jeff Zucker’s New Venture
Former CNN president Jeff Zucker has launched a new venture called RedBird IMI, backed by RedBird Capital Partners and International Media Investments. The venture has $1 billion in funding and is focused on investing in digital media, sports, entertainment, and news. Zucker has already begun scouting deals, including discussions to invest in digital media start-ups such as Puck and Semafor, and meeting with the founders of Punchbowl News. He is also interested in building a company that owns digital publications targeted at specific audiences, similar to Condé Nast.
Zucker’s Record in the Media Industry
RedBird IMI is betting that Jeff Zucker’s record in the media industry will help him zero in on promising investments in digital media, sports, entertainment, and news. Zucker has described RedBird IMI as « Candle Media but half the price, » referring to a company run by two former Disney executives, Kevin Mayer and Tom Staggs. Zucker has already begun staffing up, with one of his deputies at CNN, Rani Raad, joining the venture. It remains to be seen whether Zucker’s acumen as a TV producer and corporate operator will translate to success in private equity, where profits hinge on finding great assets and shrewd deal-making.
Conclusion
Jeff Zucker’s new venture, RedBird IMI, has $1 billion in funding and is focused on investing in digital media, sports, entertainment, and news. Zucker has already begun scouting deals and is interested in building a company that owns digital publications targeted at specific audiences, similar to Condé Nast. RedBird IMI is betting that Zucker’s record in the media industry will help him zero in on promising investments in digital media, sports, entertainment, and news. Zucker has already begun staffing up, with one of his deputies at CNN, Rani Raad, joining the venture.