RedBird Capital Partners

American investment management firm founded in 2014

RedBird Capital Partners
IndustryPrivate Equity
Founded2014; 10 years ago (2014)
FounderGerry Cardinale
HeadquartersNew York City, New York, United States
Websiteredbirdcap.com

RedBird Capital Partners is an American investment management firm founded in 2014 in New York by Gerry Cardinale.[1]

The company has assets under management of over $10 billion (2024).[2]

Investments

RedBird integrates sophisticated private equity investing with a hands-on business-building mandate that focuses on three core industry verticals – Sports, Media & Entertainment, and Financial Services.[3]

In sports, RedBird invests in team and league infrastructure across the globe. On August 31, 2022, the firm completed the acquisition of AC Milan from the US fund Elliott Investment Management for 1.2 billion euros.[4] Zlatan Ibrahimovic, former AC Milan star, serves as an Operating Partner at RedBird and Senior Advisor to AC Milan Ownership.[5] Other notable sports investments include: Fenway Sports Group, an American multinational sports holding conglomerate;[6] On Location Experiences, a premium experiential hospitality business sold to Endeavor in January 2020;[7] and OneTeam Partners, a joint venture launched by the NFLPA, MLBPA and RedBird to help athletes capitalize on Name, Image and Likeness rights.[8] In 2024, RedBird and Weatherford Capital formed Collegiate Athletic Solutions, a flexible capital solution platform dedicated to be used in conjunction with universities’ existing resources.[9]

RedBird also owns Toulouse FC, a club from the city of the same name that plays in Ligue 1, purchased for $15 million in 2020.[10] In June 2021, RedBird acquired a 15% stake in The Rajasthan Royals, a professional cricket team in the Indian Premier League[11] and in 2023 the company invested in Alpine Racing Ltd, Renault Group’s F1 team.[12] In August 2020, the firm acquired the assets of the XFL for $15 million, along with Dany Garcia and Dwayne Johnson.[13] In December 2023, they announced a merger between the XFL and USFL to establish the United Football League (UFL) which launched in March 2024.[14]

In media, RedBird invested in Skydance Media, the media company founded by David Ellison, which produced Amazon’s Reacher series and Paramount’s Top Gun: Maverick.[15] In 2024, Paramount Global agreed to merge with Skydance. In the deal, Skydance will acquire National Amusements from the Redstone family, a purchase that also includes a controlling stake in Paramount Global.[16] Earlier in his career, Gerry Cardinale created the YES Network, the first and largest regional sports network, in partnership with the Steinbrenner family in 2001 during his time at Goldman, which they sold to Fox in 2012.[17] In August 2019, RedBird then bought back a minority stake in YES in partnership with the Steinbrenner’s and Amazon, valuing YES at 3.47 billion.[18]

After helping Yankee Global Enterprises activate their buy back option to purchase Fox's 80% share for $3.5 billion after Disney acquired 21st Century Fox during the same year after the Department of Justice ordered Disney to sell the network on antitrust grounds due to its ownership of ESPN.[19] [20]

RedBird has also invested in LeBron James and Maverick Carter’s SpringHill Company, an entertainment development and production company;[21] Talent Systems, the leading technology solution provider for casting, auditioning and crew hiring to the entertainment industry;[22] Wasserman Media, a sports marketing and talent management company sold to Providence Equity Partners in 2022;[23] Build A Rocket Boy, an independent game developer;[24] Red6, an augmented reality startup;[25] Artists Equity, an artist-led studio founded in partnership with Ben Affleck and Matt Damon;[26] Hidden Pigeon Company, a multiplatform kids and family content company founded in partnership with Mo Willems;[27] and EverPass Media, a media platform founded in partnership with 32 Equity to deliver NFL Sunday Ticket and other sports and live entertainment to commercial businesses.[28]

In 2023, RedBird partnered with International Media Investments, a state-funded enterprise of the United Arab Emirates and its Sheik Mansour bin Zayed Al Nahyan, to create RedBird IMI, a joint-venture focused on acquiring, investing in and building large scale media, entertainment and sports content properties.[29] The partnership, which includes former media executive Jeff Zucker.[30] RedBird IMI has made investments in Front Office Sports, a multiplatform media brand that covers the influence of sports on business and culture;[31] Media Res, the television studio and motion picture production company behind The Morning Show;[32] All3Media, the largest TV producer in the U.K.;[33] and launched EverWonder studios, a content studio and production company led by Ian Orefice.[34]

RedBird’s financial services vertical has invested over $1 billion across Insurance & Insurance Distribution, Asset & Wealth Management and Fintech & Insurtech.[35] The portfolio’s current investments include Arax Investment Partners, a multi-firm wealth platform;[36] Aquarian Holdings, a diversified life and annuity insurance carrier with over $7 billion of assets and an affiliated asset manager;[37] and Obra Capital, a specialized, vertically integrated alternative asset manager.[38] RedBird also built Constellation Affiliated Partners, a managing general agent insurance distribution platform which was sold to Truist Insurance Holdings in 2021.[39]

Other investments include Go Rentals;[40] Blade Air Mobility, a technology-powered, global urban air mobility platform;[41] JetLinx, a nationwide private jet membership and aircraft management company;[42] BETA Technologies, an electric aerospace company developing vertical take-off and landing (eVTOL) aircraft and supporting charging infrastructure.[43]

Gerry Cardinale is the Founder, Managing Partner and Chief Investment Officer of the firm. Other top RedBird executives include former Goldman Sachs president, John Thornton, as Chair; Italian financier, Paolo Scaroni, as chair of international business; former top Citi advisor, Hamid Biglari, as Chair of the financial services unit; and former NBCUniversal chief, Jeff Shell, as Chair of the sports and media division.[44]

References

  1. ^ Cuccinello, Hayley; Campbell, Dakin. "How Gerry Cardinale became the go-to dealmaker for the Yankees, AC Milan, and Ben Affleck". Business Insider. Retrieved January 6, 2024.
  2. ^ viapiuser (December 22, 2020). "Gerry Cardinale". Variety. Retrieved January 6, 2024.
  3. ^ Moynihan, Lydia (September 28, 2023). "How RedBird founder Gerry Cardinale built a star-studded empire". Retrieved August 30, 2024.
  4. ^ Confino, Paolo. "'Sports now is no longer a hobby for rich guys': The former Goldman rainmaker-turned-club owner takes a page from his friend Billy Beane's analytics playbook". Fortune. Retrieved August 30, 2024.
  5. ^ "Ibrahimovic joins RedBird and will act as senior advisor to AC Milan". Reuters.
  6. ^ "RedBird Capital Acquiring Ten Percent of Fenway Sports Group for $750 Million". Sportico.
  7. ^ Long, Michael (January 2, 2020). "Endeavor completes US$660m On Location takeover". SportsPro. Retrieved August 30, 2024.
  8. ^ Coffey, Scott Soshnick,Brendan (September 15, 2022). "OneTeam Valued at $1.9 Billion as RedBird Sells Stake to Private Equity". Sportico.com. Retrieved August 30, 2024.{{cite web}}: CS1 maint: multiple names: authors list (link)
  9. ^ "College Sports Is About to Turn Pro. Private Equity Wants In". Wall Street Journal.
  10. ^ "The Deal Episode 6: Gerry Cardinale - Bloomberg". www.bloomberg.com. Retrieved August 30, 2024.
  11. ^ Dixon, Ed (June 24, 2021). "RedBird Capital pays 'US$37.5m' for 15% Rajasthan Royals stake". SportsPro. Retrieved August 30, 2024.
  12. ^ "Ryan Reynolds and RedBird Capital to invest in Alpine F1 team". www.ft.com. Retrieved August 30, 2024.
  13. ^ Hayes, Dade (August 3, 2020). "XFL Acquired By Dwayne Johnson, Dany Garcia And RedBird Capital Partners". Deadline. Retrieved August 30, 2024.
  14. ^ Weprin, Alex (December 31, 2023). "Combined XFL and USFL to be Called UFL, Will Air Games on Fox and ESPN Platforms Starting in 2024". The Hollywood Reporter. Retrieved August 30, 2024.
  15. ^ Hayden, Erik (October 13, 2022). "Skydance Lands $400M Investment to Expand Animation, Sports, Interactive Ambitions". The Hollywood Reporter. Retrieved August 30, 2024.
  16. ^ Rizzo, Lillian (July 8, 2024). "Paramount agrees to merge with Skydance, ending monthslong negotiations and Redstone era". CNBC. Retrieved August 30, 2024.
  17. ^ Liz, Moyer. "Goldman's Yes Network Stake Sale Caps Career of Cardinale". Wall Street Journal.
  18. ^ Baysinger, Tim (August 29, 2019). "Yankees Buy Back the Rest of YES Network From Disney for $3.47 Billion". TheWrap. Retrieved August 30, 2024.
  19. ^ "Fight for Fox Local Sports Channels Could Shake Up Broadcasting". Bloomberg.com. August 11, 2018. Retrieved August 30, 2024.
  20. ^ Hayes, Dade (August 29, 2019). "YES Network Finalizes $3.5B Sale To New York Yankees, Sinclair And Amazon". Deadline. Retrieved August 30, 2024.
  21. ^ "LeBron James's media group gets backing from Nike and RedBird Capital". www.ft.com. Retrieved August 30, 2024.
  22. ^ Weprin, Alex (July 19, 2022). "Hollywood Casting Software Firm Talent Systems Sold to Private Equity Group". The Hollywood Reporter. Retrieved August 30, 2024.
  23. ^ "Wasserman Adds Providence Equity as Investor; RedBird, Madrone Cash Out". Yahoo Sports. November 1, 2022. Retrieved August 30, 2024.
  24. ^ "Gaming studio Build A Rocket Boy closes $110M round". Axios Pro.
  25. ^ "Red 6 fetches $70M in Series B investment round". Washington Technology. June 5, 2023. Retrieved August 30, 2024.
  26. ^ Littleton, Cynthia (November 20, 2022). "Ben Affleck, Matt Damon Set Artists Equity Studio Launch with RedBird Capital Partners". Variety. Retrieved August 30, 2024.
  27. ^ Vlessing, Etan (May 10, 2023). "RedBird Capital, Stampede Ventures Launch Family Content Producer With Author Mo Willems". The Hollywood Reporter. Retrieved August 30, 2024.
  28. ^ Weprin, Alex (March 29, 2023). "NFL, RedBird Capital Launch New Company to Deliver Games to Bars and Restaurants". The Hollywood Reporter. Retrieved August 30, 2024.
  29. ^ Mullin, Benjamin (June 4, 2023). "Former CNN Chief Jeff Zucker Has a New Job at RedBird IMI. What Is It?". The New York Times. ISSN 0362-4331. Retrieved August 30, 2024.
  30. ^ Hayes, Dade (December 13, 2022). "Jeff Zucker, RedBird Capital And Abu Dhabi's IMI Formalize Joint Venture With $1B Earmarked For Media And Sports Investments". Deadline. Retrieved August 30, 2024.
  31. ^ "RedBird IMI Makes Strategic Investment in Front Office Sports". Front Office Sports. Retrieved August 30, 2024.
  32. ^ Hayes, Dade (January 4, 2024). "Jeff Zucker-Led RedBird IMI Takes Stake In 'The Morning Show' Studio Media Res". Deadline. Retrieved August 30, 2024.
  33. ^ Szalai, Georg (February 16, 2024). "Jeff Zucker's RedBird IMI to Acquire All3Media From Warner Bros. Discovery, Liberty Global for $1.45B". The Hollywood Reporter. Retrieved August 30, 2024.
  34. ^ Korach, Natalie (August 7, 2023). "Jeff Zucker-Led RedBird IMI Launches EverWonder Studio to Focus on Nonfiction Content". TheWrap. Retrieved August 30, 2024.
  35. ^ "People | RedBird Capital Partners". May 10, 2024. Retrieved August 30, 2024.
  36. ^ Welsch, Andrew. "Arax Makes a Splash by Buying Broker-Dealer, Recruiting $2 Billion Advisor Team, and Hiring CIO". www.barrons.com. Retrieved August 30, 2024.
  37. ^ "Aquarian Holdings Enters Into Strategic Partnership with Obra Capital and Acquires Minority Stake". GlobeNewswire News Room. October 16, 2023.
  38. ^ Dorbian, Iris (October 16, 2023). "Aquarian Holdings takes minority ownership stake in Obra Capital". PE Hub. Retrieved August 30, 2024.
  39. ^ "Truist Insurance Holdings furthers growth through acquisition of Constellation Affiliated Partners from RedBird Capital Partners (TFC)". Street Insider.
  40. ^ Chad, Trautvetter. "Go Rentals Lands Big Investment from RedBird Capital". Aviation International News. Retrieved August 30, 2024.
  41. ^ Laura, Cooper. "RedBird Capital Takes More Than 5% Stake in Blade Air Mobility". Wall Street Journal.
  42. ^ "Beta Technologies flies off with $368M". PitchBook.
  43. ^ Canton, Rafael (July 26, 2023). "RedBird rides the post-pandemic private travel boom". PE Hub. Retrieved August 30, 2024.
  44. ^ "The one thing I've always had is deal flow': RedBird's Gerry Cardinale". www.ft.com. Retrieved August 30, 2024.
  • Official website