New York, June 23, 2020: Media Development Investment Fund today announced the appointment of Jim Egan as Chief Investment Officer.
MDIF, a New York-based not-for-profit investment fund, invests in independent media in countries where access to free and independent news and information is under threat. Mr. Egan, currently CEO of the BBC’s commercial international news subsidiary which owns and operates the BBC World News television channel and its digital counterpart bbc.com, will step off MDIF’s Board of Directors to take on the role.
“In recent years the economic environment for the news business has become extremely challenging. Journalists and journalism are also under increasing threat,” said Mr. Egan. “I’m delighted to be joining MDIF and want to make a positive contribution to addressing both of those problems. I share a strong commitment to MDIF’s values. Investment is a powerful tool to help media build financially robust businesses strong enough to safeguard their editorial independence, thereby protecting democracy and individual freedoms.”
Mr. Egan has worked in the media industry for more than 20 years. His experience includes organisational leadership, business strategy, P&L responsibility, mergers and corporate integration, turnaround and business development. He will replace Kihara (Key) Kiarie, who has joined Geller & Company as Chief Finance Officer, Media, serving Bloomberg Media as its Global Chief Financial Officer.
“We are thrilled that Jim has agreed to join MDIF,” said Harlan Mandel, MDIF Chief Executive Officer. “Jim will lead our investments in media companies that provide the news, information and debate that people need to build open societies, delivering financial and social returns to our funders and investors.”
Since making its first loan in 1996, MDIF has invested more than $230m in loans, equity and technical assistance in 120 independent media businesses in 42 countries. MDIF currently has $105 million assets under management invested in nearly 30 countries.
BBC Global News is commercially funded. Generating around $140m in annual revenue, it has been profitable since 2014/15. As one of the biggest providers of international news in the English language, BBC World News and bbc.com together reach more than 120 million adults globally each week.
Before joining the BBC in 2007, Mr. Egan was Director of Strategy at Ofcom, the UK’s communications and media regulator. He also served as Specialist Adviser to the UK Secretary of State for Culture, Media and Sport. The first ten years of his career were in the private sector, as a Strategy Consultant at PricewaterhouseCoopers and as Business Development Manager for BSkyB.
Peter Whitehead, MDIF Director of Communications, firstname.lastname@example.org, +44 7793 050670