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.