![]() The deal was financed largely through borrowed money, including $340 million borrowed from Société Générale and $155 million debt assumed on the stadium. At the time, it was the most expensive transaction in sporting history. In May 1999, Snyder purchased the Washington Redskins, along with Jack Kent Cooke Stadium (now FedExField) for $800 million following the death of previous owner Jack Kent Cooke. Snyder's personal share of the proceeds was estimated to be US$300 million. In April 2000, Snyder Communications was sold to the French advertising and marketing services group Havas in an all-stock transaction valued at in excess of US$2 billion, the largest transaction in the history of the advertising/market industry. By 1998, the company had over 12,000 employees and $1 billion in annual revenues. He continued to expand the company aggressively through a string of acquisitions, including Arnold Communications in 1997. His parents sold their stock in the company for over $60 million. Mortimer Zuckerman and Fred Drasner, whom Snyder owed $3 million from the failure of his first business venture, were given company stock, which ended up being worth over $500 million. His top investors, including media mogul Barry Diller, New York investor Dan Lufkin, and Democratic Party icon Robert Strauss, earned significant returns on their initial investment. In an initial public offering for SNC in September 1996, Snyder became the youngest-ever CEO of a New York Stock Exchange listed company at the age of 32. Proprietary product sampling was introduced in 1992 through their network of private daycare centers. Snyder Communications revenues rose from $2.7 million in 1991 to $4.1 million in 1992 and $9 million in 1993. In 1992, the company expanded into telemarketing with a focus on the yet untapped immigrant market. They expanded their geography from colleges and doctors' offices to hospital maternity areas, private daycare centers, and fixed-base operations (FBO), or private aircraft lounges in major airports throughout the country. ![]() The business was a great success and Snyder and his sister grew the business organically and through acquisitions, expanding its activities to all aspects of outsourced marketing, including direct marketing, database marketing, proprietary product sampling, sponsored information display in prime locations, call centers, and field sales. The company was named Snyder Communications LP. They combined the advertisements with the distribution of product samples – such as soaps and packages of medicine – to differentiate themselves from their competitors. They concentrated on wallboards in doctors' offices (where there was a captive audience) and colleges. In 1989, Snyder and his sister Michele founded a wallboard advertising (the sale of advertisements placed on boards inside buildings) company with seed money from his father, who took a second mortgage on his property in England, and his sister, who maxed out her credit cards at $35,000. I don't have a blueprint for almost any of my businesses. The venture did not generate enough paid advertising and was forced to close after two years. Zuckerman and Fred Drasner, co-publisher of Zuckerman's New York Daily News, invested $3 million in Campus USA. News & World Report was also interested in the college market and who agreed to finance his push to publish Campus USA, a magazine for college students. Snyder courted real estate entrepreneur Mortimer Zuckerman, whose U.S. Snyder claims to have cleared US$1 million running the business out of his parents' bedroom with his friend Joe Craig and several telephone lines. By age 20, he had dropped out of the University of Maryland, College Park and was running his own business, leasing jets to fly college students to spring break in Fort Lauderdale and the Caribbean. Īt 17, Snyder experienced his first business failure when he partnered with his father to sell bus-trip packages to Washington Capitals fans to see their hockey team play in Philadelphia. Dalton bookstore in the White Flint Mall. Woodward High School in Rockville, Maryland. A year later, his family moved back to Maryland and he graduated from Charles W. At age 14, he returned to the United States and lived with his grandmother in Queens, New York. At age 12, he moved to Henley-on-Thames, a small town near London, where he attended private school. He attended Hillandale Elementary School in Silver Spring, Maryland. His father was a freelance writer who wrote for United Press International and National Geographic. Snyder was born on November 23, 1964, in Maryland, the son of Arlette (née Amsellem) and Gerald Seymour "Gerry" Snyder.
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