Peter Chernin invests $10m in Kelvin MacKenzie's son's business
By John Reynolds, mediaweek.co.uk, Wednesday, 14 November 2012 11:53AM
Former News Corporation executive Peter Chernin is investing more than $10m (£6.3m) in Base79, the UK online video company that says it is YouTube's largest original programming partner in Europe.
The Chernin Group (TCG), the media business founded by Chernin, has paid out for a stake which is in excess of 25%, according to Base79.
Base79 has offices in London, New York and Sydney and was founded in 2007 by Ashley MacKenzie, son of former Sun editor Kelvin MacKenzie.
The company has earmarked the proceeds from the investment to help its expansion across Europe and into new regions, to build brands and channels.
Base79 partners with video rights holders and producers to build online audiences and brands.
It has so far partnered with more than 300 content producers and rights holders, including the likes of Simon Cowell’s SyCo, BBC Worldwide, and Guinness World Records. It claims to be involved in 550 YouTube channels, which draw 550 million monthly views.
One source close to Base79 said the investment was close to 30% and was nearer to a $20m (£12.5m) contribution.
Ashley MacKenzie, founder and chief executive of Base79, said: "We have experienced extraordinary growth and believe this partnership will allow a new chapter of even greater opportunity."
Chernin spent more than 10 years as chief operating officer of Rupert Murdoch's News Corporation. He then went on to launch feature films.Follow @johnreynolds10
This article was first published on mediaweek.co.uk
- SEO Manager - Fast growing startup Digital Gurus £30000 - £40000 Per Annum company options, London
- Senior Account Manager - Tobacco Account Major Players £32000 - £36000 per annum, London
- 3D Designer Creative Recruitment £35000 - £40000 per annum, Windsor
- Senior PR Account Manager AF Selection £30,000 - £35,000, Manchester, Greater Manchester
- Account Director. Red Sofa London £50000 - £52000 per annum, London
- Katharine Viner becomes first female editor-in-chief of Guardian News & Media
- Tesco media review pits Initiative against MediaCom and ZenithOptimedia
- Google's European leader says viewing habits are 'changing dramatically'
- Martin Sorrell talks Maurice Lévy, Tesco, and the global outlook
- 'Advertisers are snake oil salesmen', says Peter Oborne
- 7 things Proximity has learned in the new Omnicom building