Peter Chernin's Company Snags $100M From Qatar
Peter Chernin’s The Chernin Group has negotiated an investment from Qatar Holding that sources place at around $100 million to expand and diversify the company, according to an announcement Thursday.
The money being invested by Qatar Holdings LLC is in addition to an existing investment by Providence Equity Partners and other shareholders. The company said this will help expand media and entertainment operations in the U.S. and Asia.
"This transaction marks another important milestone in our Company's evolution,” said Chernin. “This capital and partnership position us well to continue to pursue the most compelling areas of growth in the global media industry."
Qatar Holding had praise for Chernin.
"Peter Chernin is building TCG into a world-class media company,” said Ahmad Al-Sayed, managing director and chief executive officer of Qatar Holding. “He and his team have proven success in identifying and developing opportunities in the U.S. and Asia."
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.
The privately held Chernin Group, founded by Peter Chernin in 2010 after his 2009 resignation from News Corp., operates and invests in media, entertainment, and technology sectors around the world. It produces feature films and television programs which have included Rise Of The Planet of The Apes (2010) and the Fox TV series Touch, starring Kiefer Sutherland, which is scheduled to return for a second season Feb. 1, 2013. It has many projects in development and pre-production including Dawn Of The Planet of The Apes
Chernin Group also owns a majority stake in Hong Kong-based CA Media, which builds, manages and operates media, entertainment and technology businesses in Asia and has investments in technology and media companies in the U.S. including Pandora, Fullscreen, Tumblr, Flipboard and Scopely.
Qatar Holding LLC, which is owned by an off shoot of the Qatar government, has a diverse range of investments. Those include being the largest investor in the new Miramax, which was acquired from Disney in a $660 million deal, as well as investments in Harrods department store in London, the Agricultural Bank of China, Barclays plc, Canary Wharf Group (via Songbird Estates), Credit Suisse Group, Hassad Food Company, Iberdrola SA, J Sainsbury plc, London Stock Exchange, Lagardere, Porsche and Volkswagen AG.