Theodore J. Forstmann
American businessman and investor
Theodore J. Forstmann
Theodore Joseph "Ted" Forstmann was one of the founding partners of Forstmann Little & Company, a private equity firm, and chairman and CEO of IMG, a global sports and media company. A member of the Republican Party, Forstman was a philanthropist. He supported school choice and funded scholarship programs for the disadvantaged.
Biography
Theodore J. Forstmann's personal information overview.
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News
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NYC Spring Art Auctions Abound In Records
Lex 18 - almost 5 years
NEW YORK (AP) - The city's spring art auction season was red hot. The frenzy began with Edvard Munch's "The Scream" on May 2, when a phone bidder at Sotheby's plunked down nearly $120 million for the iconic image, earning it the title of most expensive artwork ever sold at auction. Then, Mark Rothko's "Orange, Red, Yellow" stole the record for any contemporary artwork at auction when it sold for nearly $87 million at Christie's on Tuesday. But it didn't stop there. Artist records also were shattered at the two auction houses for works by Yves Klein, Jackson Pollock, Gerhard Richter, Alexander Calder, Roy Lichtenstein, Cy Twombly, Chinese dissident artist Ai Weiwei and others. The art market remains one of the few flourishing during a difficult economic period. Among the reasons: an expanding global market that includes buyers from Asia, the Middle East and South America, a strong desire by the most knowledgeable collectors to own a top piece by the most recognized artists in the w ...
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Lex 18 article
'The Scream' Wasn't The Only Work Of Art That Fetched A Big Price At Sotheby's Last Night
Business Insider - almost 5 years
Records were shattered last night at Sotheby's when "The Scream" by Edvard Munch sold for $119.9 million—making it the most expensive painting ever sold at auction. The buyer, who bid by phone, remained anonymous. The seller was Petter Olsen, a Norwegian businessman. With a huge attraction like "The Scream," it can be easy to forget that it was just one of dozens of paintings sold last night. The sale totaled $330.56 million, exceeding the presale high estimate of $323.4 million. Several paintings belonging to the late Theodore J. Forstmann, a Manhattan financier, were also included in the sale. One of them, Picasso’s “Femme Assise Dans un Fauteuil,” a 1941 portrait of Dora Maar, sold for $26 million, making it the second most expensive item of the evening. Picasso's "Femme Assise Dans un Fauteuil," from the estate of Teddy Forstmann, sold for $26 million. Salvador Dali's "Printemps Necrophilque" sold for $16.3 million, well over the $12 million high estimate. Joan Mir ...
Article Link:
Business Insider article
Intervention Mentality and the Spectacle of Joseph Kony
Dissident Voice - almost 5 years
The modern world is a place of constructed images. With a globe shrunk by the forces of globalization, and communication made seemliness by technological advancement, information is produced in an instant and has the ability to reach greater masses than ever seen before. But under a regime of neo-liberalism, information is perpetually reworked into a commodity, and the prevailing images transform into a branded, advertising-based format. It holds a mirror up to the human being’s psychological working, tapping their fears and desires for monetary ends, and thus, advertised information is the essential driver of consumption, the engine of industry. One of the more prevalent images in the current epoch is that of militarization. The armed forces now take part in Hollywood production (the recent film Act of Valor, for example), one of the top selling video game series, Call of Duty, promises the most authentic war experience, and the line between news and military action is blurred by th ...
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Dissident Voice article
Theodore J. Forstmann, a Takeover Pioneer, Dies at 71
NYTimes - about 5 years
Mr. Forstmann, a colorful financier and philanthropist who helped to usher in the leveraged buyout industry, also inadvertently coined the phrase “barbarians at the gate.”
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NYTimes article
Scene Last Night: Jimmy Lee, Parsons, Erdoes, Lufkin, Delaney, Make a Wish - Bloomberg
Google News - over 5 years
Lee also made a wish that Theodore Forstmann, chairman and CEO of IMG Worldwide Inc., would beat cancer. “I've been his banker for 25 years,” Lee said. Children's wishes included digging for dinosaurs, meeting Warren Buffett and seeing how people
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Google News article
Fighting cancer and building his legacy - Sydney Morning Herald
Google News - over 5 years
Theodore Forstmann... "It is a pretty greed-driven business, the whole thing." Photo: New York Times Billionaire Theodore Forstmann is not proud of the Wall Street he helped create. THEODORE Forstmann is tired. Sitting on a couch last week in his
Article Link:
Google News article
INSIDE ART; Josh Smith in Venice And Connecticut
NYTimes - almost 6 years
The New York painter Josh Smith calls Peter Brant ''the guy with the eye.'' It's an apt phrase for a well-known talent spotter and dealmaker who was in his 20s when he met Warhol and has since amassed one of the largest holdings of work by that Pop Art master. (Mr. Brant also owns Interview Magazine, which Warhol founded in 1969.) But his holdings
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NYTimes article
OPENING BID; Handicapping the Moguls
NYTimes - almost 10 years
LLOYD C. BLANKFEIN, the head of Goldman Sachs, may be the highest-paid executive on Wall Street, but on the golf greens, he is just another humble hacker. Golf is a favorite pastime of the finance crowd, offering not just an escape from the office but a chance for open-air networking and friendly competition. As spring summons many of the power
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NYTimes article
SPORTS BUSINESS; STAR STRUCK
NYTimes - about 10 years
The financier Teddy Forstmann beckoned one of his public-relations executives to hold up a recent issue of Global People, a magazine published by People's Daily, the Chinese Communist Party's leading official newspaper. He clucked at being the cover boy, as if he had followed George Clooney as People magazine's ''Sexiest Man Alive,'' and at being
Article Link:
NYTimes article
Forstmann Agrees to Buy Fitness Chain
NYTimes - almost 12 years
Theodore J. Forstmann, the financier who has said that he will not raise a new last investment fund, made what was likely to be his last big bet yesterday by acquiring a private fitness company for $1.6 billion. Mr. Forstmann's firm, Forstmann Little & Company, has agreed to buy 24 Hour Fitness Worldwide, the world's largest privately owned chain
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NYTimes article
Goodbye to All That
NYTimes - over 12 years
THEODORE J. FORSTMANN was holding court in his dining room in his Upper East Side penthouse overlooking Central Park last Sunday night. One of Wall Street's biggest personalities and a pioneer of the leveraged-buyout craze of the 1980's and 90's, Mr. Forstmann had said he convened the dinner to ''set the record straight'' about his recent legal
Article Link:
NYTimes article
Forstmann Said to Make Deal for Talent Agency
NYTimes - over 12 years
In what could be the last big deal of his career, Theodore J. Forstmann and his buyout firm Forstmann Little & Company agreed yesterday to acquire IMG, the talent agency, for $750 million in cash, executives close to the negotiations said. Mr. Forstmann's deal for IMG, whose client list reads like a who's who of athletes, models and other stars
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NYTimes article
Forstmann Little to Pay $15 Million in Lawsuit
NYTimes - over 12 years
Forstmann Little & Company, a New York buyout firm led by Theodore J. Forstmann, settled a lawsuit with Connecticut's state employees' pension fund for $15 million, state officials said. Connecticut's $20 billion pension fund sued Forstmann Little, seeking the return of $120 million lost from retirement funds in investments in two
Article Link:
NYTimes article
The Nation; Masters of the Universe, Leashed (for Now)
NYTimes - over 12 years
IT has been a humbling summer for the power players of Wall Street, once celebrated as masters of the universe. One week, Theodore Forstmann, the swashbuckling financier who rose to prominence during the takeover battles of the 1980's, had to sit in a witness box in a Connecticut courtroom and explain how his firm had lost $2.5 billion on two
Article Link:
NYTimes article
Wall Street Cold Shoulder Is Likely Result of Verdict
NYTimes - over 12 years
While the Connecticut state pension fund may have won a symbolic victory in its case against a buyout firm, it may have lost a more important practical one. As a result of Connecticut's pursuit of the case, which led both sides to claim victory after a jury's verdict yesterday, the pension fund is likely to be frozen out of making investments in
Article Link:
NYTimes article
COMPANY NEWS; FORSTMANN AGREES TO SELL ITS STAKE IN YANKEE CANDLE
NYTimes - over 13 years
Forstmann Little & Company sold its remaining stake in the Yankee Candle Company to the Goldman Sachs Group for $216.6 million. Forstmann Little, the New York-based firm run by Theodore Forstmann, paid $497 million in 1998 for a 90 percent stake in Yankee Candle, consisting of $177 million in equity and $320 million raised through a debt fund.
Article Link:
NYTimes article
Initial Offering Is Planned By Citadel Broadcasting
NYTimes - over 13 years
Citadel Broadcasting, the biggest acquisition made by the buyout firm Forstmann Little & Company, said in a filing yesterday that it planned to raise $306 million in an initial public offering. The offering values Citadel's outstanding shares at about $2 billion. That valuation is more than double Forstmann Little's 2001 cash investment of $962
Article Link:
NYTimes article
Timeline
Learn about memorable moments in the evolution of Theodore J. Forstmann
    LATE_ADULTHOOD
  • 2011
    Age 71
    He had a net worth of US$ 1.6 billion as of 2011.
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    In May 2011, Forstmann was diagnosed with brain cancer and received treatment at the Mayo Clinic.
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    In February 2011, Forstmann became a signatory of The Giving Pledge.
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  • 2009
    Age 69
    Finally, from 2009 until his death, Forstmann was known to be dating Padma Lakshmi, the 42 year old Indian-American host and judge of Top Chef.
    More Details Hide Details During Lakshmi and Forstmann's time together, Lakshmi gave birth to a baby girl, Krishna Thea Lakshmi. At first, Lakshmi was unclear as to the identity of the father. It was later revealed that Adam Dell was the father. Forstmann was Roman Catholic.
  • 2008
    Age 68
    In 2008, he dated Allison Giannini, a 38 year old actress who was in Mission Impossible III.
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    Forstmann accurately predicted the worsening of the credit crisis in July 2008, when most pundits believed the crisis had reached its peak.
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  • 2006
    Age 66
    In December 2006, newspaper reports on the inquiry into the death of Diana, Princess of Wales alleged that U.S. intelligence agencies had bugged Forstmann's phone or plane and monitored his relationship with Diana.
    More Details Hide Details She and her sons were said to have planned to visit him in summer 1997, but British security reportedly blocked the visit over security concerns related to the bugging.
  • 2001
    Age 61
    Forstmann argued that the excess of money pumped into the economy after the September 11 attacks in 2001 distorted the decision-making abilities of nearly everyone in finance.
    More Details Hide Details With an oversupply of money, bankers and other financiers took on more risk with less return. While this allowed many to make money for a time, eventually this risk accumulated, and the consequences led to the credit crisis.
  • FIFTIES
  • 1999
    Age 59
    Between 1999 and 2000, Forstmann was rumored to be dating Tracy Richman and Elizabeth Hurley.
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  • 1998
    Age 58
    Forstmann dedicated significant personal resources to the cause of education reform. He was a prominent supporter of school choice. In 1998 he and friend John T. Walton established the Children's Scholarship Fund to provide tuition assistance for low-income families wanting to send their children to private school.
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  • 1995
    Age 55
    In 1995 Forstmann was given the "Patron of the Arts Award" by the National Academy of Popular Music at the Songwriters Hall of Fame induction ceremonies.
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  • 1994
    Age 54
    From 1994–1995, Forstmann was involved with Princess Diana.
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  • THIRTIES
  • 1978
    Age 38
    Forstmann, an attorney, founded Forstmann Little in 1978 with his younger brother Nicholas, and Brian Little.
    More Details Hide Details Forstmann's second brother, J. Anthony Forstmann, founded ForstmannLeff. Under Forstmann's leadership, Forstmann Little & Company made 31 acquisitions and significant investments and returned more than $15 billion of profits to investors. In addition to IMG, some of the firm's investments include Gulfstream Aerospace, Dr. Pepper, The Topps Co., Stanadyne Corp. Community Health Systems, Ziff Davis, Yankee Candle, General Instrument Corporation, and most recently, Citadel Broadcasting and 24 Hour Fitness. While playing golf in the late 1980s, Ted Forstmann inadvertently coined the term for which he became best known. His golf partner asked Forstmann what it meant for a company to be taken over by a buyout firm. "It means the barbarians are at the gates," replied Forstmann. The term became part of Wall Street lore and was connected inseparably to the private equity industry that Forstmann pioneered and flourished in. Forstmann was featured prominently in the book Barbarians at the Gate: The Fall of RJR Nabisco, as he and his company attempted to acquire RJR Nabisco. In the subsequent film adaptation, he was portrayed by actor David Rasche. The book portrayed Forstmann as a critic of KKR's Henry Kravis and his investment methods.
  • TEENAGE
  • 1958
    Age 18
    Forstmann was born and raised in Greenwich, Connecticut, the second of six children. He was the son of Dorothy (née Mercadante) and Julius Forstmann, who ran a wool business that went bankrupt in 1958.
    More Details Hide Details Julius had inherited Forstmann Woolen Co. from his own father, one of the world's richest men. Forstmann had German and Italian ancestry. He was a graduate of Greenwich Country Day School and Phillips Academy. He then played goalie on the ice hockey team at Yale University where he was a member of Delta Kappa Epsilon fraternity. Forstmann later attended Columbia Law School where he earned a juris doctorate, which he financed through gambling proceeds.
  • CHILDHOOD
  • 1940
    Age 0
    Born on February 13, 1940.
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Original Authors of this text are noted here.
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