Love Is Blind, Planet of the Apes Producer Peter Chernin Gets Qatar Investment - Bloomberg
Qatar’s sovereign wealth fund is investing $150 million in North Road Co., an independent studio that produces the TV series Love Is Blind and the Planet of the Apes films, a sign that Hollywood’s growing austerity hasn’t dampened investor enthusiasm for entertainment.
The deal values North Road at more than $1 billion and resumes a relationship between the Qataris and media mogul Peter Chernin, North Road’s chief executive officer. The Qatar Investment Authority previously invested in the Chernin Group, the investment and media company he founded after leaving Fox.
The money from Qatar is on top of an earlier commitment of as much as $500 million from Providence Equity Partners and another $300 million in debt financing from Apollo Global Management Inc. Chernin is stockpiling cash because he believes that several entertainment assets will go up for sale in the coming year or two and wants to have the resources to make deals. His company is already looking at three or four transactions, but he declined to specify which ones.
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