Ted Forstmann dies at 71

ForstmannTed Forstmann, a prominent financier who made many of his most high-profile investments in the media sector, died Sunday at his home in NY. He was 71.The cause of death was brain cancer, according to a spokesman at Forstmann Little. Forstmann announced he was battling the disease earlier this year.While renowned for his impact on various industries through private equity, Forstmann was a looming figure in the media business over the past three decades, most recently as CEO of IMG, a company he acquired in 2004 in order to bring together the worlds of sports and entertainment. Under the IMG banner, Forstmann acquired production companies including Tiger Aspect and Darlow Smithson, which he resold to Endemol in 2009, three years after buying them. Forstmann even managed to lure former HBO CEO Chris Albrecht into the fold for a brief period beginning in 2007 with the intent of making strategic investments across the media landscape, but Albrecht exited in 2008.Michael Ovitz recently exited the board at IMG after a struggle for control of the firm. Ovitz was a longtime associate of Forstmann who teamed with him in the 1980s to make a run at record label Polygram, which was eventually sold to Seagram.Forstmann also made his imprint in the radio business, buying Citadel Communications for $2 billion in 2001. He teamed with Cablevision in 1999 to back Broadway musical "The Scarlet Pimpernel."Forstmann leaves behind two sons; two brothers; and two sisters. A memorial mass is scheduled be held at St. Patrick's Cathedral on Tuesday, Nov. 29. Contact Andrew Wallenstein at andrew.wallenstein@variety.com