Peter Chernin is expanding financial support for his Chernin Group media company with an investment from Qatar Holding. Financial terms were not disclosed, but a person familiar with the deal told Deadline the investment is in the $100 million range. “The Chernin Group will use this capital to expand and diversify the Company’s media and entertainment operations in the U.S. and across Asia”, the company said in a statement today. The Qatar contribution follows a nearly $200 million investment from private equity firm Providence Equity Partners earlier this year. Chernin founded his media company after exiting as president of News Corp in 2009. Chernin Entertainment, the movie and TV production arm, co-released last year’s Rise Of The Planet Of The Apes and co-produces Fox’s New Girl. You can read the original release here:
LOS ANGELES, CA – 8 November 2012 – The Chernin Group (“TCG”), which manages and invests in businesses in media sectors globally, today announced that it has secured a significant equity investment from Qatar Holding LLC. In addition to an existing investment from Providence Equity Partners and other shareholders, TCG will use this capital to expand and diversify the Company’s media and entertainment operations in the U.S. and across Asia. Financial terms of the deal were not disclosed.
“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,” said Peter Chernin, founder and Chief Executive Officer of TCG. “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.”
“Peter Chernin is building TCG into a world-class media company. He and his team have proven success in identifying and developing opportunities in the U.S. and Asia,” said Ahmad Al-Sayed, Managing Director and Chief Executive Officer of Qatar Holding. “We look forward to partnering with TCG and Providence, working closely with them, supporting the ongoing development of their current portfolio of investments as well as the Company’s growth through future endeavors.”
Jonathan Nelson, Chief Executive Officer of Providence, said, “We are excited about TCG’s momentum since our investment and are pleased to welcome Qatar to the partnership.”
Allen & Co. LLC acted as financial advisor to TCG. Legal advisors included Gibson, Dunn & Crutcher LLP for TCG and White & Case LLP for Qatar Holding.