Jeff Zucker (Wikipedia)
RedBird IMI, a private investment firm founded by former Goldman Sachs Partner Gerry Cardinale and currently led by former CNN and NBC Entertainment boss Jeff Zucker, is looking to acquire Britain’s The Telegraph newspaper and Spectator magazine.
The publications are currently owned by the Barclay Family, David and Frederick Barclay.
Backed by Abu Dhabi (UAE) funding, RedBird IMI is said to be offering $750 million for the bankrupt publication group that reportedly has debts north of $1.4 billion.
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“Under the terms of this agreement, RedBird IMI has an option to convert the loan secured against the Telegraph and Spectator into equity, and intends to exercise this option at an early opportunity,” said the firm in a statement.
“Following transfer of ownership, RedBird Capital alone will take over management and operational responsibility for the titles under the leadership of RedBird IMI Chief Executive Jeff Zucker,” the firm added. “International Media Investments will be a passive investor only.”
The Guardian reported that the involvement of Abu Dhabi in the deal could be a problem for winning government approval since conservative members of Parliament are concerned about foreign influence over British media.
To that, RedBird IMI stated, “Any transfer of ownership will of course be subject to regulatory review and we will continue to cooperate fully with the government and the regulator.”
Founded by former Goldman Sachs Partner Gerry Cardinale, RedBird today manages $8.6 billion of capital principally across its core industry verticals in Sports, TMT, Consumer and Financial Services. RedBird invests with an entrepreneurial, company-building mentality, with an emphasis on capital appreciation and compounding equity returns over longer holding periods. RedBird’s network of business founders and entrepreneurs is central to its investment sourcing strategy, and its highly curated group of limited partners are active co-investors who provide scalable capital support.
Jeff Zucker served as President of CNN, from 2013-2022, and Chairman of WarnerMedia Sports from 2019-2022. In Jeff’s nine years at CNN, he oversaw a dramatic turnaround of the global news network, driving it to its largest audiences ever and turning it into the most used digital news and information outlet in the world. At WarnerMedia Sports he was responsible for all programming acquisitions, production, marketing, league relations and sales. The portfolio included partnerships with the NBA, NHL, MLB and the NCAA for the Men’s Basketball Championship.
Prior to CNN and WarnerMedia Sports, Jeff Zucker spent 25 years at NBC Universal. His ascent at NBC began in 1986 as a researcher for NBC Sports’ coverage of the 1988 Summer Olympic Games in Seoul. He then took over NBC’s Today show at the age of 26 and re-invented the historic morning news program. After ten years there and four years as the President of NBC Entertainment, he became the President and CEO of NBCUniversal, from 2007-2011.
