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Snyder Adds A TV Icon To His Empire
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Clark, 77, is quoted in a Red Zone press release as saying the deal had his "full support," though there was no description of his prospective role with the company he founded in 1957 as the dapper host of "American Bandstand."
In addition to his television and movie interests, Snyder has established Red Zone Capital, a partnership that holds 12 percent of Six Flags' stock. Snyder became chairman of Six Flags after a proxy fight in 2005, when he forced out the old board, installed his own directors and picked Shapiro, a former top ESPN programming executive, to run the company.
Also in 2005, Snyder began cobbling together his own local radio network, known as Red Zebra Broadcasting, to air Redskins games. He bought five radio stations, including three in the Washington area and one each in Richmond and Hampton Roads. He hired local radio executive Bennett Zier to run Red Zebra, which featured a talk show with former Redskins running back John Riggins. The stations have been plagued by problems with spotty signals, and Zier quit earlier this year after 14 months on the job.
Snyder formed another partnership last July with a goal of raising $750 million to fund new business ventures. The private-equity partnership lists Snyder and Dwight C. Schar, chairman of NVR of Reston, one of the nation's biggest home builders, as partners. The partnership is based in Tysons Corner and concentrates on entertainment properties. The company had raised $126 million, according to a November filing with the Securities and Exchange Commission.
Last August, Snyder partnered with Shapiro and Schar, who owns 15 percent of the Redskins, on a two-year deal with Cruise's production company to pay $3 million to $10 million annually for development and overhead costs in exchange for the opportunity to finance film projects and to profit from any hit movies.
Working under a partnership called First and Goal, the group's investment will help cover operational costs while Cruise and his production partner, Paula Wagner, develop movie projects. Shapiro will oversee the investment. Snyder, Schar and Shapiro have the right to back out after two years or renew the deal long-term.
In February, a Red Zone fund bought the privately held Johnny Rockets restaurant chain for about $100 million.
Staff researcher Madonna Lebling contributed to this report.
