Jeff Zucker is acquiring a minority stake in Front Office Sports, the RedBird IMI CEO and former CNN chief said Monday.
Zucker will be joining the company’s board of directors as co-chairman, alongside Jason Stein, whose private equity firm, SC Holdings, was Front Office Sports’ first investor.
“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 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,” Adam White, the founder and CEO of Front Office Sports said in a statement. “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.”
Stein said that “credibility with highly coveted audiences will continue to separate them as they expand the business.”
Front Office Sports has grown to over 40 employees and touts more than 800,000 subscribers to its main newsletter which publishes twice daily. The newsletter covers sports business topics and the cultural impact of sports, which appeals to a global audience.
The media company intends to utilize the investment capital to expand its newsroom by hiring new reporters, renewing live-event programming, and bolstering its investment in original video.
This marks Zucker’s third investment since assuming his role at RedBird IMI, which is backed by Redbird Capital Partners LLC and the United Arab Emirates-based International Media Investments.