Former CNN chief Jeff Zucker has reportedly taken a minority stake in Front Office Sports, the sports media-focused startup, through his $1 billion investment fund RedBird IMI, marking the first acquisition since his fund's inception.
Zucker's RedBird IMI is a collaboration between U.S.-based RedBird Capital Partners and UAE-based International Media Investments, both of which are players in the media and entertainment sector.
The investment fund is geared toward nurturing high-growth companies in the media, entertainment and sports sectors.
The details of the acquisition, reported by Bloomberg Monday citing a person familiar with the matter, are unknown, but it signifies a new phase for Front Office Sports, initially launched by CEO Adam White in 2014. The company, which had a valuation of around $25 million in 2022 after raising $5 million from Crain Communications, offers mostly free products but introduced paid subscriptions in 2021, according to the Bloomberg report.
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Zucker's investment aims to bolster Front Office Sports' operations by using the injected capital to speed up its expansion beyond its well-recognized daily newsletter. The organization reportedly plans to use the new capital to expand its newsroom, increase its investment in original video and hire more reporters.
Zucker, along with Jason Stein of SC Holdings, will serve as co-chairman of the board, with plans to develop and license new documentaries and video projects, potentially seeking new on-camera talents.
"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. "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."
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