 He also served on the board of directors of Times Mirror Co.

Jacobs, along with Larry Lucchino (a holdover from the previous ownership), Sargent Shriver and his eldest son Bobby, announced their purchase of the Baltimore Orioles from the estate of the late Edward Bennett Williams for $70 million on December 5, 1988.The transaction was unanimously approved by the American League (AL) franchise owners just over four months later on April 18, 1989, two weeks into the new baseball season.The owner of 87% of the ballclub, Jacobs became the chairman of the board, with Lucchino managing the organization.