THE VIRGINIAN-PILOT Copyright (c) 1995, Landmark Communications, Inc. DATE: Wednesday, July 19, 1995 TAG: 9507190395 SECTION: BUSINESS PAGE: D6 EDITION: FINAL SOURCE: BY DAVE MAYFIELD, STAFF WRITER DATELINE: VIRGINIA BEACH LENGTH: Medium: 55 lines
Bodybuilder-entrepreneur Jake Steinfeld and the Robertsons - Pat and Tim - of International Family Entertainment Inc. are teaming up as partners in another enterprise.
Beach-based IFE bought a 20 percent stake in Steinfeld's fast-growing fitness business, Body by Jake Enterprises Inc. of La Mesa, Calif. Terms weren't disclosed.
It is one of a string of business partnerships between Steinfeld and IFE, parent company of The Family Channel. The relationship started with the muscular entertainer's starring role for four seasons in the cable network's sitcom, ``Big Brother Jake.'' Then Steinfeld and IFE launched a health and fitness network, Cable Health Club, in late 1993. Steinfeld owns a 10 percent stake in Cable Health and is the network's programming director.
Tim Robertson, IFE's president and chief executive officer, said in a prepared statement that ``a compatibility between the philosophies and positive goals'' of his company and Steinfeld's could lead to more joint ventures.
The latest partnership puts IFE, chaired by Tim Robertson's father, Pat, deeper into the realm of fitness. Body by Jake is projecting $80 million in revenues this year, mostly from the sale of exercise equipment and fitness-related videos and books and from the licensing of Steinfeld's name and slogans.
Jo-Ann Geffen, a Body by Jake spokeswoman, said the company also plans to branch beyond production of infomercials, videos and TV programs for its own use and begin selling production services to other fitness programmers.
Body by Jake's best-known product is the $149 Firmflex exercise machine. The business has sold more than 600,000 of the machines, through direct marketing and discount department stores.
Steinfeld is Body by Jake's chairman and remains its majority owner. Home Shopping Network Inc. also bought a 20 percent interest in the company. by CNB