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EXCLUSIVE: I'm told it was decided Friday that Chris Albrecht would exit IMG and the settlement was negotiated over the weekend and concluded today. So what happened 11 months after he went there with such fanfare after being axed from HBO in disgrace after his Las Vegas arrest for assaulting his girlfriend that unearthed a long-ago sexual harassment scandal? Albrecht in September 2007 was made head of the global media unit at IMG, the marketing and management giant owned by Teddy Forstmann. 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. (By the way, I heard that contemplated IMG-Burnett $500 million deal fell on hard times this summer and may be dead.) And finally, Albrecht was offered a very good settlement to walk away. There should be a news release from Forstmann Little coming tomorrow today.
IMG speeded up its announcement after I scooped the news. It said the parting was amicable. "While Albrecht acknowledges that IMG has world-class media production and distribution businesses in both sports and entertainment, when he joined the company in September 2007 the parties intended to raise substantial funds to augment and expand IMG's media and entertainment business," the statement said. "However, market conditions intervened to frustrate that goal." IMG called the separation "amicable." IMG said Albrecht will now relaunch his Foresee Entertainment, an independent content creation, development and distribution company he founded in 2007 before joining IMG.
- Mark Burnett "Seriously" Talking To IMG
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- Now Rumors Begin What Chris'll Do Next
- HKO'ed! Scandal-Plagued Chris Albrecht Dumped Before TW Shareholders Meeting
- Chris Albrecht Blames Alcohol & Takes Leave From HBO After Las Vegas Arrest
- What Happens In HBO, Stays In HBO... But Should It?
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Let’s just keep paying this putz to show up, be fired, take our money. FOOLS!
He’ll always be in business as long as talent owes him favors for pulling them out of the fire and making sure their kids go to private school. Has anyone checked to see if he’s going to those AA meetings he promised to attend? His insurance rates must be very high – eating into that golden parachute money. That’s the way the wine bottle bounces.
He’ll resurface with a good deal somewhere. This is the guy who built HBO as we know it (sorry Fuchs revisionists). Since he’s left, the brand is near total collapse — maybe the dreadful new Alan Ball show will be the nail in the coffin. Should’ve never let the guy go.
“…should’ve never let the guy go…” ??? Hello! Do you realize HBO’s and Time Warner’s rat’s nest of liability that would have resulted from allowing a serial “abuser” and alcoholic stay on board? Who knows what other internal hush incidents would have surfaced. I’m a big fan of Albrecht’s, however, Jeff Bewkes would have flushed his own career as the new Time Warner chairman if he allowed Chris to stay. Bewkes put all that to rest and sacrificed HBO’s creative brilliance as a sacrifice. HBO is getting what it deserves — NY division head blow hards come out of Albrecht’s shadow and get promotions because of Albrecht’s fall AND more importantly, the West Coast office is neutered of its power supremacy while Bill Nelson and Richard Plepler and others get to be heroes to their East Coast staffers for delivering HBO power back to its original home.
“…should’ve never let the guy go…” ??? Hello! Do you realize HBO’s and Time Warner’s rat’s nest of liability that would have resulted from allowing a serial “abuser” and alcoholic stay on board? Who knows what other internal hush incidents would have surfaced. I’m a big fan of Albrecht’s, however, Jeff Bewkes would have flushed his own career as the new Time Warner chairman if he allowed Chris to stay. Bewkes put all that to rest and sacrificed HBO’s creative brilliance. HBO is getting what it deserves — NY division head blow hards come out of Albrecht’s shadow and get promotions because of Albrecht’s fall AND more importantly, the West Coast office is neutered of its power supremacy while Bill Nelson and Richard Plepler and others get to be heroes to their East Coast staffers for delivering HBO power back to its original home.
“the guy who built HBO as we know it”. I’m a HUGE Chris Albrecht fan. I’m looking forward to seeing where this CREATIVE GENIUS lands.