New York-based private equity firm RedBird Capital Partners and Abu Dhabi-based investment firm International Media Investments have launched a joint venture in partnership with former CNN CEO Jeff Zucker focused on investing in media, entertainment and sports content properties.
The joint venture, which is called RedBird IMI, will be headed by Mr. Zucker as CEO, and he will also join RedBird Capital Partners as an operating partner.
RedBird IMI has launched with $1 billion in committed capital and is focused on "acquiring and investing in large scale media, entertainment and sports content properties on a global basis," according to a news release Tuesday. RedBird and IMI provided the committed capital, and a spokesman said the split is not disclosed.
"We are very pleased to partner with IMI to create a long-term, fully capitalized investment vehicle that can own and operate content-focused businesses across the media spectrum in the U.S. and globally," said Gerry Cardinale, founder and managing partner at RedBird Capital Partners, in the news release. "The skill and experience of the combined team will allow us to identify assets that will benefit from the deployment of success-based capital to further scale or diversify, while also enabling the development of new companies competitively advantaged as market and consumer trends continue to evolve."
RedBird Capital gained notice earlier this year when Nicole Musicco, a partner with the firm, was named CIO of the $444.1 billion California Public Employees' Retirement System, Sacramento. The firm has $7.5 billion in assets under management.