Forstmann Little & Company founding partner Ted Forstmann has succumbed to brain cancer at the age of 71. He was also Chairman/CEO of sports/entertainment IMG. He has a radio plank on his personal history due to Forstmann Little’s acquisition of Citadel from Larry Wilson.
IMG stated, “It is with great sadness that IMG Worldwide announces the passing of its Chairman and Chief Executive Officer, Theodore J. (“Ted”) Forstmann. Mr. Forstmann passed away today after a courageous battle against brain cancer.”
Forstmann is said to have engineered 31 major acquisitions and investments at Forstmann Little, which brought value in excess of $15B to investors. It is said to have helped some companies return to profitability.
But radio group Citadel was not one of them. Forstmann gave the reins of the group to Farid Suleman, and under his leadership the group spiraled into fiscal failure, particularly after acquiring assets from ABC Radio, and has since been sold to Cumulus Media.