Jeff Zucker’s latest bet: Prestige TV

Jeff Zucker returns to the world of morning television. Kind of.

Mr. Zucker, the former president of CNN and former executive producer of the “Today” show, is investing in Media Res, the independent Hollywood studio behind the popular prestige drama “The Morning Show” on Apple TV+.

It is the latest gamble by Mr. Zucker in his attempt to build a mini-media empire for RedBird IMI, the venture capital firm he founded in 2022. The deal, announced Thursday, also marks his first direct involvement in the world of scripted programming since he led NBCUniversal’s entertainment division in the early 2000s.

Neither party would disclose financial terms, but Mr. Zucker said in an interview that he planned to sit on the studio’s board and provide leadership and advice. Media Res founder and CEO Michael Ellenberg will retain a majority stake and continue to run the studio on a day-to-day basis.

RedBird IMI is a joint venture between RedBird Capital, a private equity firm, and a private investment fund run by Sheikh Mansour bin Zayed al Nahyan, an Emirati royal family. Since Mr. Zucker was ousted from CNN in 2022, the company has invested in a sports news platforma documentary studio And Hidden Pigeona children’s entertainment company.

Redbird IMI is also attempting a bold takeover of The Daily Telegraph, the influential London newspaper. That deal, which relies on roughly $1 billion in Emirati financing, remains under the control of regulators in Britain, where Conservative politicians have raised concerns about foreign press ownership. The British government is expected to complete its investigation by the end of this month; Mr Zucker declined to comment to The Telegraph, citing the ongoing review.

“The Morning Show,” the Media Res program starring Jennifer Aniston and Reese Witherspoon, was Apple’s flagship show when it launched its streaming TV service in 2019. Mr. Ellenberg, the former head of drama programming at HBO, secured an eye-watering $240. million stake for two seasons of the show, which chronicles the behind-the-scenes intrigue at a broadcast network. Media Res also produced “Pachinko,” a Korean family epic, for Apple TV+ and a remake of Ingmar Bergman’s “Scenes From a Marriage” for HBO, among others.

The “Morning Show” deal was a prime example of Hollywood’s “peak TV” free-spending era — an era that is beginning to fade.

“Even if it’s not at the level it has historically been, there will still be a desire for prestigious scripted programming,” Mr. Zucker said. “We think Media Res is in the sweet spot of where success will come over the next decade.”

Discussions about a deal began over coffee at the Core Club, a members club in Midtown Manhattan where Mr. Zucker regularly attended meetings after leaving CNN. “Jeff had just started it and said, ‘Wait for me, I’m cooking something really exciting,’” Mr. Ellenberg recalls. He said Mr. Zucker’s investment would allow him to hire more people and expand the studio’s domestic and international production.

Don’t expect a cameo from Mr. Zucker on “The Morning Show,” even though he said he was a fan. (The show is based on a book by Brian Stelter, a Zucker protégé at CNN.)

“I’ve seen all three seasons and every episode,” Mr. Zucker said. “Parts are absolutely realistic; the cutthroat nature of morning television is captured incredibly well. Other parts are an arch fantasy that could only be created in a writers room somewhere, and are fantastic.”