Advanced Television

Ex-News Corp boss in TV venture

April 23, 2012

By Chris Forrester

Peter Chernin was, until 2009, COO at News Corp. He left and set up the Chernin Group, a TV and film production operation. Recent successes include a sitcom for the Fox Network (New Girl) and Rise of the Planet of the Apes and is in production on a new Tom Cruise movie (Oblivion).

Chernin (60) is selling what’s described as a “large minority stake” in Chernin Group to Providence Equity, said to be around $200 million, to seek media investments in the UK and overseas.  Chernin still has in place a valuable ‘exit package’ from News Corp that includes a commitment to buy up to 12 movies for between $25 million -$40 million a film over a six-year period.

Providence also has investments in Hulu, Univision and Warner Music, amongst others, including Chinese search-engine Baidu.

The move seems to put an end to media speculation that he might one day return to News Corp.

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