Chernin takes stake in MacKenzie’s Base 79
The Chernin Group, the media investor founded by Peter Chernin after he left News Corp in 2009, has paid $10 million for a 28 per cent stake in Base 79, a UK digital TV business that runs 550 channels on YouTube.
Base 79 was founded in 2007 by Ashley MacKenzie, whose father, Kelvin MacKenzie, is a former editor of News Corp’s The Sun newspaper.
The Chernin Group secured an investment of about $100 million from government-backed Qatar Holding, having raised about $200 million in April from a group of investors led by Providence Equity Partners.
Base 79 partners with video rights holders and producers to build brands and sell advertising on YouTube and other OTT video platforms. Its videos have been viewed more than 8 billion times.
The company works with partners including the sports TV business IMG, Hat Trick productions and the Ministry of Sound.
Base 79, which has offices in London, New York and Sydney, said it planned to use the money to expand across Europe and Asia.