Chernin buys Red Arrow US
July 6, 2022
US businessman and investor Peter Chernin has bought US division of Red Arrow Studios from ProSiebenSat.1 and rolled them into Chernin Entertainment to become part of The North Road Company – a global content studio unveiled earlier this year.
Chernin paid $200 million (€196.3m) for Red Arrow’s US companies including Kinetic Content, Left/Right, 44 Blue, Half Yard Productions and Dorsey Pictures.
The new company has access to further M&A financing from Providence Equity Partners and Apollo and will open a London office with former Red Arrow Studios Chairman and CEO Jan Frouman.
ProSiebenSat.1 says the deal has already been approved by antitrust authorities and the transaction has closed.
Rainer Beaujean, group CEO of ProSiebenSat.1 Media, commented: “Our US production companies have created successful and popular TV brands in the US market, but do not strengthen our strategy in the German-speaking region in the long term. For North Road, they will make a significant contribution. We wish them all the best for this and thank them very much for our time together.”