Zucker will assume the role of co-chair after a deal reportedly valuing the company at $40 million.
RedBird IMI, the investment company led by former CNN boss Jeff Zucker, has agreed to acquire a stake in Front Office Sports. Per a release, Zucker will serve as co-chair of the newsletter startup’s board. Although details of the deal were not disclosed, Bloomberg reports that the RedBird IMI investment in Front Office Sports values the company at $40 million.
Known for being CNN’s president from Jan. 2013 to Feb. 2022, Zucker is also a fervent sports fan. The Harvard alum’s first stint in media was as an intern for NBC during the 1988 Summer Olympics. He later oversaw sports content during his tenure at NBC, both as NBCUniversal Television Group CEO and president and CEO of all of NBCUniversal.
“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,” said Zucker 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.”
Front Office Sports founder Adam White added: 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. 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.”
White will stay on as the CEO of Front Office Sports.
Front Office Sports reports that on a monthly basis it draws “more than 150 million social impressions, 35 million newsletter opens, 10 million video views, and 2 million page views.” Launched in 2014 while White was in college, the company says it has more than 15 partners, which distribute its content on screens in more than 50,000 venues across North America. They also credit Chevrolet, Invesco QQQ, New Balance, Cisco, PwC, FanDuel, Pepsi, Wendy’s, and Prudential as key investors.
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