HBO’s former CEO Chris Albrecht is no longer the president of IMG Entertainment. The 56-year-old executive made public his decision to terminate the collaboration with IMG in a statement released on Tuesday.  

Albrecht and Theodore J. Forstmann, founding partner of private equity firm Frontmann Little & Company which owns IMG, were both present on Tuesday to issue the statement. They both underlined the fact that they were "separating on an amicable basis, regretful that the association was unable to work."

Home Box Office’s former Chief Executive joined IMG Entertainment in September 2007 and his role was to lead the agency’s global media business with the intend to raise enough funds to expand IMG's media and entertainment business. But, according to the statement, their endeavor did not succeed due to “market conditions.”

Albrecht, who helped develop very successful shows such as “The Sopranos,” “Six Feet Under,” “Band of Brothers,” and “Sex and the city,” was forced to resign from Time Warner’s unit HBO after an arrest-assault charge scandal. He was accused of assaulting his girlfriend in Las Vegas. Albrecht spend more than 20 years working with HBO, of which 5 years as the network’s CEO.

In the Tuesday-released statement, Albrecht also mentioned that he intends to return to Foresee Entertainment, the company he formed before agreeing to work with IMG.

What went wrong at Frostmann Little & Company?

Albrecht had joined the company known for representing super star athletes such as Tiger Woods and Roger Federer almost a year ago and his role was to help the firm raise a new investment fund in order to purchase media and entertainment businesses and turn Frostmann Little & Co. into a media powerhouse. Unfortunately, the timing to develop such a fund was very bad due to the fact that the private equity bubble as well as the credit market were falling.