Peter Chernin Pacts With Providence Equity and Apollo to Launch North Road Co.
variety.comCynthia Littleton Business EditorPeter Chernin is going all-in on building an independent content studio with global reach backed with up to $800 million in financing from private equity giants Providence Equity Partners and Apollo.The media investor and former Fox chief has formed The North Road Company after quietly acquiring the U.S.
production assets of Red Arrow Studios in a deal with Germany’s ProSiebenSat.1 said to be worth about $180 million.The Red Arrow units will combine with the existing Chernin Entertainment banner as the backbone of the new venture that will focus on producing movies, scripted and unscripted TV programs and documentaries, among other content.
As part of the North Road transaction, Chernin has also acquired the remaining 50% of Words + Pictures, the documentary production company that Chernin launched last year with ESPN alum Connor Schell and Chernin Entertainment’s Jesse Jacobs.
Chernin will serve as chairman and CEO of North Road. Chernin Entertainment veteran Jenno Topping will continue in her role as president of Chernin Entertainment overseeing scripted TV and film activity.
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