Peter Chernin Invests in MiTu

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Peter Chernin

The online network targeting Latinos raises $3 million.

The Chernin Group and Advancit Capital, an investment vehicle co-founded by Shari Redstone, said Wednesday that they have invested in MiTu, a company that operates 350 YouTube channels targeting Latino audiences.

Also participating in the firm's initial funding round, which raised $3 million, was CODE Advisors, Machinima CEO Allen DeBevoise and Juan Cristobal Ferrer of advertising firm Ferrer Comunicacion.

The Chernin Group, founded by Peter Chernin, also said Wendesday that TCG president Jesse Jacobs will be joining the MiTu board of directors.

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MiTu launched seven months ago. Its online networks in North America, Latin America, Europe and Asia have accumulated 800 million views across a subscriber base of 2.3 million.

"The MiTue opportunity combines two powerful trends: one, the Latilno audience is one of the fastest-growing and youngest demographics in the world, and two, YouTube is the largest and fastest-growing online video platform in the world," said Chernin.

The Chernin Group has been busy in new media lately, with investments in Pandora, Fullscreen, Base79, Tumblr, Flipboard and Scopely. Chernin, who was president and COO of News Corp. until 2009, also recently joined the board of directors of Twitter.