Peter Chernin's company booked $200 million from Providence Equity Partners earlier this year
The Chernin Group (TCG), former News Corp. executive Peter Chernin's entertainment, media and technology company, has received a “significant equity investment” from Qatar Holdings, TCG announced on Thursday. The investment is in the range of $100 million, an individual with knowledge of the deal told TheWrap.
The money will be used for investments in and acquisitions of media and entertainment companies, particularly in emerging markets like India and China.
The Chernin Group received a similar investment earlier in the year — $200 million in capital from Providence Equity Partners. That deal represented a partnership and saw Providence take a minority stake in the company. In this case, thoguh Qatar will receive a board seat, the deal is a pure investment play.
"Building on our successful investment partnership with Providence formed earlier this year, we are pleased to expand our formidable shareholder group with the addition of Qatar Holding, a distinguished investor and strategic partner," Chernin, founder and CEO of TCG, said in a sttaement. "This transaction marks another important milestone in our Company's evolution. This capital and partnership position us well to continue to pursue the most compelling areas of growth in the global media industry."
Former News Corp. COO Peter Chernin founded TCG shortly after he left Rupert Murdoch’s media conglomerate in 2009. Its properties include Chernin Entertainment, an entertainment production company, as well as several strategic investments in both domestic and foreign technology and media companies. It has put money into companies such as Pandora, Tumblr and Full Screen.
Chernin Entertainment has a close working relationship with Fox, which Chernin once oversaw, producing both film and television projects for the studio.
Recent films include "Rise of the Planet of the Apes," the sequel to that film and "Parental Guidance," a comedy starring Billy Crystal and Bette Midler that will open in theaters Christmas Day. Ongoing TV projects include "New Girl" and "Touch" for Fox, as well as "Breakout Kings," which airs on A&E.
TCG's relationship with Fox is why most of this money can be used on investments, like the 49 percent stake in Endemol India the company purchased in April.
TCG has been linked to mergers with both Endemol and Core Media Group, but Chernin has declined to comment on the speculation.
Chernin described his future investments to the Wall Street Journal as follows:
“This isn’t like a VC fund where there is one specific kind of investment we’re going to make. We’re focused on those businesses that are positioned to grow quickly.”