Veteran US media executive Peter Chernin has now attracted $800m in funding from investors to establish a new content creation entity called The North Road Company. The funding follows demand from streaming companies who are battling to acquire content.
The newco will offer scripted and unscripted content for film and TV and will combine the three existing studios Chernin Entertainment, Red Arrow Studios and Words + Pictures. North Road acquired Red Arrow in June at a price thought to be $180m – 5x operating profit. Investment to the newco has been made by Providence Equity Partners and Apollo Advisers.
North Road Studio is now being valued at over $1bn, is already profitable and is keen to pursue further content acquisitions with particularly strong interest in international and also factual content companies. The new company plans to open a London office headed by former Red Arrow Studios Chairman and CEO Jan Frouman,
