May 24, 2024

Jeff Zucker‘s RedBird IMI investment company has bought a minority ownership stake in Front Office Sports, a media startup covering sports business.

Front Office Sports claims that it has, on a monthly basis, “more than 150 million social impressions, 35 million newsletter opens, 10 million video views and 2 million page views” The company says it has more than 15 partners, which distribute its content on screens in more than 50,000 buildings and venues across North America.

Terms of the deal were not disclosed. The RedBird IMI investment in Front Office Sports values the startup at $40 million, Bloomberg reported.

Zucker said in a statement, “The team at Front Office Sports has built an impressive platform for sports business journalism, and I’m excited to help it grow in the years ahead. Audiences are more interested than ever in the business of sports, and this investment will allow Front Office Sports to create even more compelling news content that draws people in.”

Zucker, CEO of RedBird IMI, will join the FOS board of directors as co-chair alongside Jason Stein, managing partner of SC Holdings. SC Holdings, which was FOS’ earliest investor, will continue to hold a “significant” minority stake in the business, the company said. With the deal, Redbird IMI and SC Holdings own equal minority stakes in Front Office Sports and FOS employees hold the rest, per Bloomberg.

RedBird IMI, which includes investments from RedBird Capital Partners and International Media Investments, launched in late 2022 with initial committed capital of $1 billion.

Adam White, founder of Front Office Sports, will continues as the company’s CEO. “The business of sports has become ubiquitous in recent years, permeating across all corners of culture,” White said. “It now commands mainstream attention and is part of even the most casual fan’s daily content consumption. The foundation of our company was built on a deep understanding and connection to this shift, and has long informed our editorial strategy and product development. As we enter this next stage of expansion, we are incredibly excited to partner with Jeff Zucker, one of the media industry’s greatest minds.”

Zucker had served as president of CNN Worldwide for nine years before he left the news organization in February 2022 after revealing a consensual relationship with CNN chief marketing officer Allison Gollust, which they had not disclosed to CNN’s then-parent WarnerMedia.

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