Theodore “Ted” Forstmann, a philanthropist and Wall Street financier, died of brain cancer on November 20, 2011, in New York City. He was 71.

Although he worked with several industries, Forstmann was most well known for his contributions to the media business. Most recently, he was CEO of International Management Group (IMG), a sports and entertainment marketing company he bought for $700 million in 2004. The company has represented celebrities including Tiger Woods, Joe Montana and Derek Jeter, and has acquired and sold numerous companies.

Forstmann also worked in the radio industry. He bought Citadel Communications for $2 billion in 2001 and partnered with Cablevision in 1999 to fund the Broadway show The Scarlet Pimpernel.

Forstmann was also the senior founding partner of the investment firm Forstmann Little & Co., which bought IMG in 2004. The company, which was founded in 1978, acquired 31 companies, including General Instrument, Yankee Candle, Dr. Pepper and Community Health Systems.

In addition to his work in finance, Forstmann was a philanthropist and co-founder of the Children’s Scholarship Fund, which helps parents send their children to schools of their choice. The organization has granted more than $483 million in scholarships.

Forstmann was also a director of the International Rescue Committee and helped create a medical program for war-injured children in Bosnia. In addition to being a trustee of the Nelson Mandela Children’s Fund, Forstmann served on the board of directors of Freedom House, Empower America, the Robin Hood Foundation, the Cato Institute and the Preventative Medicine Research Institute.

Earlier this year, Forstmann signed “The Giving Pledge” to give away at least half of his fortune. As of 2011, Forstmann’s net worth was $1.6 billion.

Forstmann is survived by his two sons, two brothers and two sisters. A memorial mass was held at St. Patrick’s Cathedral on Nov. 29, 2011.