Reuters: Private Equity: Chernin Group gets backing from Providence

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Chernin Group gets backing from Providence Apr 23rd 2012, 14:26 April 23 | Mon Apr 23, 2012 10:26am EDT April 23 (Reuters) - Peter Chernin, the former right-hand man of Rupert Murdoch while at News Corp, has received investment backing from private equity firm Providence Equity Partners for the next step of his bid to diversify his fledgling Hollywood-based start-up. The deal, which gives Providence a significant minority equity stake in the Chernin Group, is valued at around $200 million, according to a person familiar with the matter. The Chernin Group, which produced last summer's blockbuster "Rise of the Planet of the Apes" with backing from News Corp, hopes to use its new capital infusion to buy, build and operate media assets globally, with a focus on the United States as well as emerging markets in Asia. Chernin, who spent two decades at News Corp before leaving in 2009, has had production credits on TV shows including Fox's "New Girl" and "Touch" as well as A&E's "Breakout Kings." Providence, which counts media as one of its areas of specialization, had worked with Chernin previously on the creation of online TV site Hulu, originally a joint venture between News Corp, NBC Universal and Providence.

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