Producer Peter Chernin to Expand Company With $200 Mil Providence Investment
As part of the deal, Providence will take what's being described as "a significant minority equity stake" in The Chernin Group and Providence representatives will join the board of Chernin's company.
Producer Peter Chernin has sold a stake of his company for $200 million to investors led by private-equity group Providence Equity Partners.
As part of the deal announced Sunday, Providence will take what's being described as "a significant minority equity stake" in The Chernin Group, and Providence representatives will join the board of Chernin's company. Chernin, the former Fox executive-turned-prolific film and television producer (Rise of the Planet of the Apes, Terra Nova) will become a senior adviser to Providence.
According to the announcement, the strategic investment will be used to expand the company. Terms of the deal were not announced, but sources say the investment is $200 million. Chernin and Providence will work together to invest in media assets around the world, with a particular focus on the U.S., as well as emerging markets like Asia, particularly in India, Indonesia, and China.
"Our goal is to build a global, diversified media company," Chernin said. "Providence brings an exceptional track record of identifying and supporting the growth of innovative media and entertainment companies. With their additional expertise and resources, we intend to expand our company across all fronts."
Said Providence CEO Jonathan Nelson: "We have worked closely with Peter for many years and have tremendous respect for his extraordinary creative savvy and world-class business acumen. This partnership is already up and running, and we look forward to pursuing unique growth opportunities together."