Peter A. Chernin of the powerful US entertainment investor Chernin Group is expected to announce today a series of deals for the television and film entertainment industries that, among others, will see Asia as the base of the projected new series of digital showbiz enterprises.
The New York Times reporting from Los Angeles said the core principle of the Chernin Group’s new deals is for Hollywood to use its own money to expand to new entertainment territories, including the digital world, instead of seeking money from outsiders as was the old practice.
Interviewed earlier by the Times, Chernin, who owns the investment group based in Sta. Monica, said the plan is for his group to immediate channel its earnings from investments in films and television projects into much-faster growing media enterprises.
Chernin revealed that Providence Equity Partners and some other investors have agreed to acquire a minority stake in the Chernin Group, but did not provide details of the new arrangement.
Providence is a major investment company with more than $23 billion invested in media and communications companies around the world.
Details of the new agreement included the Chernin Group’s planned purchase of a minority share in two Indian enterprises, one in Endemol India, a major television producer and in Only Much Louder, a producer of live and digital music also in the sub-continent.
Industry observers had noted that Chernin’s India investments obviously are a response to the fast- trending challenge and opportunity of placing major investments in entertainment outside Hollywood and the United States.