April 23 Peter Chernin, the former right-hand
man of Rupert Murdoch while at News Corp, has received
investment backing from private equity firm Providence Equity
Partners for the next step of his bid to diversify his fledgling
The deal, which gives Providence a significant minority
equity stake in the Chernin Group, is valued at around $200
million, according to a person familiar with the matter.
The Chernin Group, which produced last summer's blockbuster
"Rise of the Planet of the Apes" with backing from News Corp,
hopes to use its new capital infusion to buy, build and operate
media assets globally, with a focus on the United States as well
as emerging markets in Asia.
Chernin, who spent two decades at News Corp before leaving
in 2009, has had production credits on TV shows including Fox's
"New Girl" and "Touch" as well as A&E's "Breakout Kings."
Providence, which counts media as one of its areas of
specialization, had worked with Chernin previously on the
creation of online TV site Hulu, originally a joint venture
between News Corp, NBC Universal and Providence.