Nightly News   |  November 20, 2011

IMG Worldwide CEO Ted Forstmann dies

Modern-day business tycoon Ted Forstmann has died. He was 71. NBC’s Brian Williams reports.

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This content comes from a Full-Text Transcript of the program.

BRIAN WILLIAMS, anchor: Teddy Forstmann has died. He was a modern day business tycoon. And while he was worth well north of a billion dollars, he worked as hard in his later years to give it away as he did to make it. Forstmann bought and sold companies, including Gulfstream jets, Topps baseball cards and Dr Pepper . He coined the phrase " barbarians at the gate ," at the dawn of the corporate takeover craze. Ted Forstmann was never boring. He briefly dated Princess Diana . His hero was Nelson Mandela . He adopted two sons from Africa , but never married himself. Ted Forstmann dies of brain cancer at the age of