(Reuters) – Jeff Zucker-led RedBird IMI has invested in Front Office Sports (FOS) and the former CNN president will join its board as co-chair, the media company focused on sports business said on Monday.
The size of the investment was not disclosed. Bloomberg News reported the deal valued FOS at about $40 million. Most recently, it was valued at about $25 million when Crain Communications bought a minority stake in it in February last year.
FOS declined to comment on deal terms and RedBird IMI did not immediately respond to Reuters’ requests for comment.
SC Holdings, one of FOS’ earliest investors, will continue to hold a significant minority stake in the business, the sports news company said.
FOS, which issues newsletters detailing different sports events and their business influence, said it has 35 million monthly reads for its newsletters.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shinjini Ganguli)