Cieply reports that Chernin is creating an entertainment company of his own, one “that will meld original content, like feature films and television series, with cutting-edge technologies that use the Web and other digital ways of delivering entertainment.”
- Chernin has a “two-pronged plan.”
- First prong: A “more traditional production company, Chernin Entertainment, that will make films and TV series.”
- Second prong: A “start-up venture staffed by several young business school graduates who will scout for investment opportunities in new technology, in developing countries and in a traditional media world that is littered with distressed properties.”
- “Only last week, Mr. Chernin received a bit of good news for the more traditional side of his business, Chernin Entertainment, rooted in a generous exit package he got from the News Corporation.” 20th Century Fox greenlighted Chernin’s first film, which is a prequel to “Planet of the Apes.”
- The start-up side is called The Chernin Group and “the idea is to use other people’s money, on a project-by-project basis. One of Mr. Chernin’s probable backers is Jonathan Nelson, whose Providence Equity Partners is a co-owner of MGM.”
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