So much for Tribune Co.: Peter Chernin will be chairman of the new venture; co-founder Paul Aiello will be CEO
The Chernin Group, led by former News Corp. executive Peter Chernin, announced Sunday that it is expanding its entertainment business into Asia with the launch of CA Media.
Peter Chernin will be chairman and co-founder Paul Aiello will be CEO of the Hong Kong-based company.
The announcement certainly throws a wet blanket on last month's speculation that Chernin would step in to run troubled-but-restructuring Tribune Co.
Chernin's new business will focus at first on China, India, and Indonesia, growing to "strategically build, manage, and operate media, entertainment, and technology businesses throughout Asia."
According to the Chernin Group's press release, those efforts will mainly include film and TV production.
“We see tremendous opportunity across Asia, but particularly in India, China, and Indonesia,” Chernin said in a written statement. “These markets provide the ideal blend of economic, demographic, and industrial dynamism required to build a pan-Asian media organization of significant scale. In Asia, there is less distinction between ‘traditional media’ and ‘new media.’ Nearly everything is growing, which allows for more robust prospects across the industry—prospects that we find enormously exciting.”
Besides Chernin and Aiello, initial investors include Allen & Company LLC, Brookside Capital (an affiliate of Bain Capital), Gordon Crawford, and Kimberly Querrey, among others.
Here's the press release: