© Reuters. SUBMIT PICTURE: CNN President Jeff Zucker speaks at the 2017 Company Expert Ignition: Future of Media conference in New york city, U.S., November 30, 2017. REUTERS/Lucas Jackson/File Picture
( Reuters) – Jeff Zucker-led RedBird IMI (LON:-RRB- has actually bought Front Workplace Sports (FOS) and the previous CNN president will join its board as co-chair, the media business concentrated on sports company stated on Monday.
The size of the financial investment was not revealed. Bloomberg News reported the offer valued FOS at about $40 million. Most just recently, it was valued at about $25 million when Crain Communications purchased a minority stake in it in February in 2015.
FOS decreased to discuss offer terms and RedBird IMI did not instantly react to Reuters’ ask for remark.
SC Holdings, among FOS’ earliest financiers, will continue to hold a considerable minority stake in business, the sports news business stated.
FOS, which releases newsletters detailing various sports occasions and their company impact, stated it has 35 million month-to-month checks out for its newsletters.
.