RedBird IMI, the $1 billion media, entertainment, and sports venture led by former NBCUniversal and CNN chief Jeff Zucker, has made its first media investment. The joint venture between Gerry Cardinale’s RedBird and Abu Dhabi’s International Media Investments is launching a new non-fiction content studio called EverWonder, which will finance, produce, and distribute non-fiction features, documentaries, and series. The studio will focus on projects that can be leveraged into brand extensions or new intellectual property.
Ian Orefice, the former president and COO of Time Studios, will lead EverWonder. He believes it’s an exciting time in the non-fiction space and sees the potential for documentaries, live events, docuseries, and truth-based storytelling to have a global impact. Orefice decided to pursue this new venture earlier this year after independently realizing the opportunity to create an independent studio separate from a sole brand. When he began exploring this opportunity, he connected with Zucker, who was building RedBird and IMI. Details of the investment were not disclosed, but Zucker is thrilled to partner with Orefice and back his vision for launching a non-scripted company at a time when quality programming of this nature is in high demand globally.
Orefice founded Time Studios in 2020, and it now accounts for 25% of the company’s revenue, bringing in over $100 million. Time Studios has worked on notable projects such as Netflix’s “Jeen-Yuhs,” CNN Films’ “John Lewis: Good Trouble,” and the “Time 100” specials for ABC. While the overall market for content may be cooling off in the scripted space, Orefice believes the non-fiction market shows no sign of slowing down. Networks are actively seeking innovative ways to attract new audiences and bring new economics to their business, and EverWonder can help achieve both objectives simultaneously.
Creating content for Time Studios inspired Orefice’s idea for EverWonder, particularly regarding non-fiction intellectual property. He believes that when a piece of content is released, it shouldn’t signify the end of the journey but rather the beginning. Orefice envisions launching IP tied to the content, such as live events, conferences, merchandise, and traveling immersive exhibits, allowing the producer to control and own the IP.
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EverWonder will have a broad approach to content, spanning culture, sports, entertainment, and global affairs. Wherever audiences are and wherever global storytelling exists, EverWonder aims to be there. The studio will be rooted in truth-based storytelling and has already lined up talent from the world of journalism and sports to develop new projects. By utilizing their source IP, relationships, and storytelling expertise across multiple genres, EverWonder will bring these projects to life.
RedBird IMI’s mandate is to invest in and acquire companies in the media, entertainment, and sports sectors globally. The venture has already invested in the Boston Red Sox, Liverpool F.C., the XFL (advised by Zucker), and LeBron James’ SpringHill. While $1 billion is a substantial investment, M&A activities, particularly in the sports space, could deplete it relatively quickly. Additionally, RedBird IMI is exploring acquisitions or investments in the journalism space due to Zucker’s background in news at CNN and NBC.
No matter the topic EverWonder pursues, the projects will be grounded in journalistic rigor. Zucker has always emphasized the importance of truthful storytelling, and this principle will guide EverWonder’s endeavors. Orefice is excited to build EverWonder with Zucker in this new era, staying true to their beliefs in truthful storytelling and its global resonance. With the addition of journalists, filmmakers, and other talented individuals, EverWonder aims to deliver on its commitment to impactful non-fiction content.
