The slowing economy has thrown a curve ball to the career of Chris Albrecht, best known for greenlighting "Sex and the City" and "The Sopranos" as chairman and chief executive of HBO. Albrecht announced Tuesday that he has resigned after less than a year as head of global media practice at Forstmann Little & Co. portfolio company IMG Worldwide Inc.
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"When (Mr. Albrecht) joined the company in September 2007, the parties
intended to raise substantial funds to augment and expand IMG's media
and entertainment business," an IMG statement said. "However, market
conditions intervened to frustrate that goal. The parties are
separating on an amicable basis, regretful that the association was
unable to work."
Artistic differences it was not. A fiscal budget shortfall, definitely. In other words, Albrecht didn't have the money to create and or expand the content he wanted for IMG.
Albrecht helped HBO develop hits such as "The Sopranos" and "Sex and the City," but was forced to resign after a rash of personal problems that included the assaulting of his girlfriend. Albrecht joined IMG after his resignation at HBO. He will be returning to Foresee Entertainment, the content development and distribution company he had created after leaving HBO. - Gerald Magpily
