CHERNIN GROUP BECOMES BIG PLAYER WITH $200 MIL INFUSION
April 23, 2012 by admin ·
Peter Chernin, the former president/COO of News Corp
who oversaw the Fox television and film division, has reportedly received an infusion of $200 million into his three-year-old The Chernin Group from an investment group led by Providence Equity Partners. The Chernin Group is the corporate parent of Chernin Entertainment, which turned out the movie the Planet of the Apes
and the TV shows New Girl
and Terra Nova.
It has also invested in such trendy digital companies as Tumblr and Flipboard. Some reports indicated that Chernin will likely use the new injection of cash to develop interests in emerging markets — particularly China, India and Indonesia. In reporting on the deal, today’s (Monday) Los Angeles Times
commented that it “may put to rest the speculation about Chernin’s future. Since he left News Corp. in 2009, his name has been mentioned every time a major media position opens up. The deal with Providence Equity seems to indicate a desire on Chernin’s part to build his own media empire rather than run someone else’s.”