Jeff Zucker, Former CNN Boss, Is Named CEO of a Media Investment Venture

Jeff Zucker, former president of CNN, has been named CEO of a company that will acquire and invest in media, entertainment and sports around the world. The company, RedBird IMI, is a joint venture between RedBird Capital Partners, a private equity firm founded by Gerry Cardinale, and International Media Investments, an investment holding company.

Zucker is rejoining the industry amid a difficult advertising environment. Media companies have been struggling financially in recent months due to advertisers pulling back spending. Warner Bros. Discovery, which owns Zucker’s former company, is cutting costs and laying off employees. RedBird IMI is launching with $1 billion in committed capital.

“I’ve spent 35 years running media businesses at the intersection of news, sports and entertainment, creating new brands and resurrecting old ones,” Zucker said in a press release. “That experience has given me unparalleled perspective for this unique time in media, and the combination of the RedBird and IMI capital and strategic discipline, combined with my operational experience, will give this joint venture a unique advantage in the current media landscape.”

After serving as CNN’s CEO for nine years, Zucker stepped down in February after not disclosing an intimate relationship with a coworker.