That didn’t last long: Chris Albrecht, who joined talent agency IMG last September, to be its media head, is out. In a statement Albrecht and PE firm Fortsmann Little & Co. (which owns IMG) called the separation was “amicable”. The culprit: the weak economy. When Albrecht joined late last year, having recently left HBO, the plan was to raise a $250 million investment fund. In the statement, the parties said that market conditions prevented that from happening. Albrecht now plans to rejoin Foresee Entertainment, the content creation firm he launched after leaving HBO.
THR: “Recently, IMG came close to buying half of Mark Burnett’s production company for $250 million deal, but the deal didn’t go through. Under Albrecht, IMG made several smaller TV pacts, including one with Glassman Media to partner on producing and distributing unscripted television series. Albrecht also orchestrated the sale of British series Secret Diary of a Call Girl, produced by IMG-owned Tiger Aspect, to Showtime, which recently ordered two more seasons.
NYT: “He was supposed to help Mr. Forstmann turn the agency, which is best known for representing athletes like Tiger Woods and Roger Federer, into a media powerhouse. As part of his role, Mr. Albrecht was expected to raise a new investment fund with Mr. Forstmann to buy media and entertainment businesses. But the timing of the fund could not have been worse; the private equity bubble had burst and the credit market was in free fall. In addition, people close to the firm said that Mr. Forstmann and Mr. Albrecht did not get along.”