November 8, 2012 10:25 pm

Chernin secures $100m from Qatar Holding

Peter Chernin, former chief operating officer of News Corp, has secured an investment of about $100m in his new company from government-backed Qatar Holding.

Mr Chernin was a long-time lieutenant of Rupert Murdoch at News Corp before stepping down in 2009 to launch The Chernin Group, a media, entertainment and technology company that produces films and television series.

The company, which produced Rise of the Planet of the Apes, owns Chernin Entertainment, and has invested in several Silicon Valley technology companies, including Pandora Media, Tumblr and Flipboard.

Qatar is the second investor to put money into the company, following an earlier investment from Providence Equity Partners. The Qatar stake brings the total invested in the company to about $300m, according to a person familiar with the matter. Mr Chernin did not disclose the size of the Qatar stake.

“We have raised enough to do a series of deals,” Mr Chernin told the FT. “This is about continuing to grow the financial firepower of the company. We will invest in the areas of the media business that I think will grow most rapidly: premium content and digital content.”

The company has three television series on the air, including New Girl, on the Fox network, and is working on a sequel to Rise of the Planet of the Apes.

Mr Chernin said he was on the lookout for more deals, particularly in Asia. He declined to comment on recent reports that suggested he was in merger talks with Endemol, the television production group.

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