Post-CNN, media deals and a billion-dollar bet – The Hollywood Reporter

It’s been two years since Jeff Zucker resigned from CNN’s top job over a consensual relationship with a network executive. Since then, he runs RedBird IMI, a joint venture between Gerry Cardinale’s RedBird Capital and IMI, a UAE-backed investment fund. With a huge war chest of private equity behind him, Zucker, 58, has been tirelessly seeking deals. In just over a year, he has invested in TV studio and film company Media Res and news site Front Office Sports and just made a bold bid to buy the British company Telegraph, provoking protests from journalists and politicians. On February 17, Zucker’s firm bought powerhouse producer All3Media (which backed 1917, flea bag, The squid game: the challenge, The Tinder Scammer and Penny dreadful, among many other films, documentaries and shows) for $1.45 billion. The tycoon spoke with The Hollywood Reporter shortly after.

What is the reasoning behind purchasing these entities at a time when so many media outlets are fragmenting?

It is clear that the market is not necessarily what it was, but what it still needs and will always need is quality programming and content. There will always be a demand for that. So what we focus on is looking for those producers who can offer that. I believe that in times of trouble it is the strongest that will survive with the right financial support and the right organizational support and I think that is what we provide and that is why we believe that it is the time of opportunity for those who can get ahead.

What type of producers are you hoping to support?

All3 is truly the strongest nonfiction aggregator, in our opinion, out there. Jane Turton, who runs it, and her team have just done a tremendous job selecting a group of companies that each have a different strength and brand, and that’s what we were interested in. Watch Media Res, directed by Michael Ellenberg, and the shows he has hosted, such as The morning program and Pachinko in the scripted space. There is a quality to what he has produced. That really gives you an idea of ​​what we’re looking for. It is truly quality programming in scripted and unscripted spaces.

How is what you’re doing different from Candle Media, led by Tom Staggs and Kevin Mayer?

I don’t know enough about what Candle is trying to do. All I can say is that our goal has been to build a global news and entertainment company that can scale, and we’re only a year into it. That’s the other thing to keep in mind. We’ve been incredibly disciplined in our spending decision making and finding companies, like I said, that have distinct programming and quality content and that’s what we hope to build on in the coming years.

What is your approach to news investing?

Front Office Sports is the leading news organization covering the business of sports. The Telegraph is one of the great titles and newspapers in the English-speaking world. Our goal is to invest in or acquire companies that are well positioned for the future, especially in the digital space.

Were you surprised or even prepared for the reaction of journalists in The Telegraph to the proposed acquisition?

We understood from the beginning that obviously The Telegraph plays an incredibly important role in British society and has a really important voice in the British political ecosystem, so we knew there would be a lot of attention paid to it. I think there is absolutely no reason for it not to be approved and we are confident that over time the Secretary of State will see it that way and we also understand that they will take all the time they need to get there. The reality is that there are very few journalism organizations in the world that would make the kind of investment we are willing to make in The Telegraph and we believe that, at a time when journalism organizations are facing headwinds in both the United States and Europe, our willingness and desire to grow that title should be an incredibly welcome development.

What would that investment be like? Would part of that investment go toward staffing a huge apparatus to The Telegraph Digitally here in the US?

One of our objectives with The Telegraph It would be exporting your independent journalism globally and the United States would be a huge market for that, so we would look to expand a lot in the United States.

Is it frustrating that this review could go on for some time? Is it frustrating to have to turn on suspended animation at the moment?

What we did on Friday shows that we are not in suspended animation. The reality is that we continue to invest. We keep growing. Just in the last few months we announced our most recent investments in Front Office Sports, Media Res and now All3. We are not standing still at all and will continue to move forward with other measures and other investments and will continue to be patient as the regulatory process unfolds in the UK.

How much do you watch CNN and how do you think Mark Thompson is doing in the position you held?

CNN was an incredible part of my life and I couldn’t be prouder of what we did there for almost 10 years, but I’m in a new part of my life and a new phase. I don’t watch much TV news, including CNN. Mark is a really smart and talented executive and he has a very heavy hand, but I am confident that he will do a very good job.

What is your relationship with Chris Cuomo these days?

I’m not going to comment on Chris Cuomo.

Is there really a market for new content at a time when Peak TV is in steep decline?

It is imperative that whatever you offer, whether in the scripted space like Media Res does or the unscripted space like All3 does, that you offer solid, good quality content.

What lessons can be learned from the disastrous launch of The Messenger and what has happened there?

I think you always have to define a gap in the market and offer something that is unique and I think that is what we have tried to do with Front Office Sports covering the sports business and I think you have to have a good thesis, good operational experience and understand where the opening is in the market and what the consumer wants.

What do you think of the media landscape in the coming years?

I think all the legacy media we’ve grown up with will have to evolve and change, and it won’t be for the faint of heart. But at the end of the day, people will still want news. They will still want to be entertained and will simply consume it differently. The means of distribution are changing rapidly but the desire for good quality content, both news and entertainment, will still be there.

CNN’s coverage of Donald Trump was widely criticized. How do you think CNN should cover it now?

In fact, I think our coverage of the 2016 and 2020 elections was really strong. We weren’t perfect, we certainly made mistakes. I was never shy about admitting it, but overall I was very proud of it. You absolutely cannot cover this election with a weak heart, and hopefully the leaders of each of these organizations learned many lessons.

How do you think these elections will play out?

I have no idea, that’s why they hold elections.

CNN now positions itself as a more neutral alternative to Fox and MSNBC, but ratings have been falling. In this polarized environment we live in, is there really a market for neutral news?

It is imperative for any news organization to report the news and tell the truth and that is the key. I think there is absolutely a market for strong, independent-minded journalism and that’s what we were doing at CNN throughout my time there and I’m incredibly proud of that and I think good programming and a good strong backbone is what’s needed in times like this.

How do you think the history books will remember Chris Licht’s brief tenure working at CNN?

I’m not even going to come within 100 miles of that.

More time in the gym?

I was going to say that but I’m not going to comment.

What are you going to buy next?

We are focused on ensuring that each of these investments and acquisitions are successful in the coming year and will continue to pursue opportunities as they arise. But we will do it with our thesis always in mind, with strong content that has its own intellectual property.

Who is someone you admire who is doing what you are doing right now? What is the model here?

We are trying to build our own media company for the future because we combine news, information and entertainment. There aren’t many companies that have done it. Certainly someone I admire who has built a really strong media company for today is Peter Chernin. I always enjoyed competing against him.

If you’re me, what question should I ask you?

Do I really think there is a future for journalism in this country? And I believe the answer is “Yes,” but it will require investment, patience, and a very strong backbone that defends the truth.

This story appeared in the February 21 issue of The Hollywood Reporter magazine. Click here for subscribe.