Upon his departure from CNN one year ago, former network president Jeff Zucker launched RedBird IMI, a venture looking to invest in properties throughout the media and finance industries. The entity is composed of private equity firm RedBird Capital Partners and International Media Investments, and it has approximately $1 billion in capital backing from key figures within both entities. Zucker is now set to make his first acquisition and third investment with the reported purchase of a minority stake in Front Office Sports, a multiplatform media brand covering all aspects of sports business.
The company was launched by Chief Executive Officer Adam White and President Russell Wilde while they were in college, and the property rapidly flourished over the last several years. While most of the content from the publisher is free, it did begin selling paid subscriptions in 2021 and was able to raise $5 million from Crain Communications last year at an overall valuation of $25 million. According to Axios, which first reported news of negotiations and, ultimately, the closed deal, Front Office Sports will be part of EverWonder Studio – a new, non-fiction content outlet – being led by former Time, Inc. president Ian Orefice.
Orefice was recently involved in a deal between the studio and Meadowlark Media pertaining to a feature documentary about a feature documentary between tennis stars Chris Evert and Martina Navratilova. With Zucker’s purchase, the company now has a valuation of $40 million, and it also installs him as co-chairman of the board alongside Jason Stein, an investor within SC Holdings.
“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.”
The minority investment encompasses the 20% previously owned by Crain Communications, and also includes additional shares from SC Holdings. Both RedBird IMI and SC Holdings will have equal minority stakes, while the rest are owned by employees.
“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 said in a statement. “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.”
“Front Office Sports has become a clear leader and important voice in the growing sports media landscape,” Stein added in a statement. “We were an early believer in their approach to covering sports in a way that would influence business leaders and inform fans. This credibility with highly coveted audiences will continue to separate them as they expand the business.”
Front Office Sports has a twice-daily newsletter with more than 800,000 subscribers and reports on news targeted towards both mainstream consumers and industry professionals. In recent news, the outlet was one of the first to report on Taylor Swift being in attendance for the Sunday Night Football matchup between the New York Jets and Kansas City Chiefs. The company currently employs more than 40 reporters to contribute to its content, ensuring that it remains a timely and credible source of information.
