Chris Albrecht, who resigned in May as Chairman and CEO of HBO (5/10/07 TVBR #92), has joined with Ted Forstmann to raise a new 250 million bucks fund and head the global media business of IMG, the famous sports, entertainment and media company. Albrecht will also become a Special Limited Partner of Forstmann Little & Company.
"Chris Albrecht is a visionary – not only one of television’s greatest creative minds, but also one of its most successful business executives – and we are thrilled to have him join IMG," said Forstmann.
Although better known for its athlete representation, event management and IMG Academies, IMG already has a presence in media. Its media and entertainment operations include content production subsidiaries Darlow Smithson Productions, Tiger Aspect Productions and Tigress. Globally, IMG produces and distributes more than 11,000 hours of sports, documentary, drama, comedy, entertainment, popular factual and children’s content annually.
Although it is not part of IMG, Forstmann Little’s other major media venture is its stake in Citadel Broadcasting, which has radio stations in more than 50 markets and also owns ABC Radio Networks.