Jeff Zucker, who ran CNN for nearly a decade, will manage a $1 billion capital injection from Abu Dhabi-backed International Media Investments, IMI and Jerry Cardinal's RedBird Capital Partners to pursue attractive mergers and acquisitions opportunities in the media and entertainment sector. The funding will go into a partnership called RedBird IMI, and is likely to chase assets similar to those in the Redbird Portfolio, which has $7 billion in capital under management and close ties in the entertainment industry, most recently backing Ben Affleck and Matt Damon in November in their production company called Artists Equity (AE).
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