Jeff Zucker

DON EMMERT/AFP

Former CNN chief Jeff Zucker is back in the media trade as he has been tapped to guide a sports-and-media investment agency.

Zucker will lead RedBird Capital Companions, so they can have a $1 billion three way partnership with Abu Dhabi-primarily based International Media Investments. In step with The Wall Boulevard Journal, which first stated this construction on Tuesday, Zucker “will focal point on constructing, shopping for and investing in sports, media and entertainment entities all over the world.”

“It’s a time of super exchange in large part as a result of know-how,” Zucker instructed the Journal. “That is additionally a very thrilling time round what comes subsequent.”

In keeping with the Journal:

Both RedBird and IMI already have significant investments in sports and media houses. RedBird owns a minority stake in Fenway Sports Group, the proprietor of the Boston Red Sox and the Liverpool Football Club; a stake in SpringHill Co., LeBron James’s entertainment company; and a stake in Skydance Media, the leisure company started through movie producer David Ellison. Meanwhile, IMI owns all or a section of a variety of media companies within the United Arab Emirates, including English-language news outlet the Nationwide. It also has a minority stake in European information channel Euronews.

Mr. Zucker met RedBird founder and CEO Gerry Cardinale past this year through a mutual buddy to speak about that you can think of alternatives. Whereas the two executives were at Harvard College together, that they had by no means met, they stated. At the time, Mr. Zucker was additionally having discussions with IMI, a personal firm owned by the U.A.E., about potential alternatives to work collectively.

All over Zucker’s tenure at CNN, IMI and CNN World Industrial came together to form CNN Trade Arabic.

Zucker resigned from CNN previous this year after he did not expose a romantic relationship with a subordinate.

The submit JUST IN: Former CNN Chief Jeff Zucker to Lead Sports-and-Media Funding Firm first appeared on Mediaite.