Peter Chernin Launches Film and TV Studio The North Road With $800 Million-Plus in Financing
06.07.2022 - 16:45
/ thewrap.com
Peter Chernin has launched a major new global content production studio, The North Road Company. With up to $800 million in financing from two private equity firms, Providence Equity Partners and Apollo, the Chernin Group co-founder’s latest venture combines three studios into one: Chernin Entertainment, Words + Pictures and the U.S.
assets of Red Arrow Studio. The latter company is the studio behind Netflix’s “Love Is Blind” and Showtime’s “The Circus” and was recently acquired from Germany’s ProSiebenSat.1 Group for a reported $180 million.
Chernin launched documentary production company Words + Pictures last year with ESPN’s Connor Schell and Chernin Entertainment’s own Jesse Jacobs; the North Road absorbs that company’s remaining 50%. More acquisitions by the North Road are expected to come, particularly in the international space and in unscripted and scripted programming.
Providence has pledged up to $500 million in equity financing, while Apollo is covering $300 million of debt financing. With dozens of series currently in production, the North Road is valued at upwards of $1 billion.Chernin will be chairman and CEO of North Road.
Joining him on the leadership team will be Schell, who will oversee non-scripted content in addition to leading Words + Pictures; Jenno Toppin, who as president of Chernin Entertainment will oversee the company’s scripted TV and film production; and North Road president Jan Frouman and president of international TV Kristin Jones will lead the company’s international expansion. The Red Arrow acquisition also brings in Chris Coelen of Kinetic Content, Ken Duckerman and Banks Tarver of Left/Right, Stephanie and Rasha Drachkovitch of 44 Blue Productions, Dirk Hoogstra of Half Yard and Chris
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