Since December 2022, former CNN Worldwide president Jeff Zucker has been focused on leading media investment firm RedBird IMI, a joint venture between U.S. private equity firm RedBird Capital Partners and Dubai-based International Media Investments (IMI).
Zucker, who stunned the news industry early last year by resigning from CNN, has now made his first major investment through RedBird IMI: The sports business newsletter startup Front Office Sports.
Another newsletter startup, Axios, had the scoop.
“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,” Zucker said in a statement. “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 will join the FOS board of directors as its co-chair.
With the Front Office Sports investment, Zucker now has a brand and platform through which he can develop and license new documentaries and programming. Axios adds, citing a source, that Front Office Sports will hire new on-camera talent.
The $1 billion investment fund also recently announced the imminent launch of an unscripted content studio, which FOS will reportedly be connected to.
Front Office Sports is a multi-platform sports business news organization that was launched in 2013 by then-University of Miami student Adam White, who remains its CEO.
“The business of sports has become ubiquitous in recent years, permeating across all corners of culture. It now commands mainstream attention and is part of even the most casual fan’s daily content consumption,” White added. “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.”
In 2022, the startup raised $5 million from Crain Communications at around a $25 million valuation. Most FOS products are free, but the company did begin selling paid subscriptions in 2021, Axios reports.