Wall Street billionaire and IMG Worldwide CEO Ted Forstmann is battling the same deadly form of brain cancer that took the life of Senator Edward Kennedy in 2009, ABC News reports
"Yes, it's brain cancer," a source familiar with Forstmann's condition tells the network. "He was operated on to remove the tumor. He's undergone radiation and chemotherapy. The first phase of his treatment has had positive results."
Treatment for the cancer was delayed due to a misdiagnosis, although the prognosis for those who contract the disease is normally grim.
(Getty Images photo)
Some 9,000 people in the U.S. are diagnosed with Kennedy and Forstmann's type of cancer annually.
Among people aged 15 to 44, such tumors are the second most common cause of cancer-related death, ABC adds.
Doctors reportedly thought Forstmann was suffering from meningitis.
Forstmann is chairman and CEO of sports-and-entertainment conglomerate IMG Worldwide. Forstmann and his private equity firm, Forstmann Little & Co., were players in the corporate takeover world in the 1980s and 1990s, taking over companies such as Dr Pepper and Gulfstream Aerospace.
He purchased IMG, then known as International Management Group, in 2004 for $750 million.
IMG focuses on representing athletes, including Tiger Woods, Rafael Nadal and Roger Federer as well as marketing sporting events.
Experts praise IMG’s leadership.
"Their overall concepts haven't changed, but the market dynamics have changed," says David Carter, who teaches about the sports business at the University of Southern California, according to the Wall Street Journal.
© 2013 Moneynews. All rights reserved.