Less than a year after joining sports management company IMG former HBO topper Chris Albrecht has left the firm, where he was head of its global media unit, after clashing with Teddy Forstmann. Nikki Finke reports that the decision was made on Friday and a settlement was negotiated over the weekend.
So what happened? According to Nikki, bad blood between Forstmann and Albrecht:
Albrecht was also made a special limited partner in Forstmann Little, and Chris and Teddy were to raise a $250 million fund for investments in media and entertainment content. But my insiders tell me that Forstmann Little in these financially tightfisted times wasn’t able to raise the money talked about. Secondly, Forstmann didn’t like Albrecht, and Albrecht didn’t like Forstmann. Thirdly, Albrecht’s nose was out of joint when Teddy went after the purchase of reality czar Mark Burnett’s company in the spring without involving Chris.
Wow, that Mark Burnett deal is really turning out to be the root of all evil this summer. First it interfered with Terry Semel’s bid to take over IMG, then Burnett’s former manager Conrad Riggs sued him, scuttling Burnett and Semel’s potential deals. And now Chris Albrecht. Wonder who’ll be the last person left on Burnett’s archipelago of business associates?
IMG acknowledged the deal difficulty but claims the split was “amicable” and says Albrecht will relaunch his independent content company Foresee Entertainment, which he founded in 2007 before joining Forstmann’s firm.
Business Insider Emails & Alerts
Site highlights each day to your inbox.