(April 24, 2012, Weil News)
Global law firm Weil, Gotshal & Manges represented Providence Equity Partners in a deal to make a significant investment in, and enter into a strategic partnership with, media and entertainment company The Chernin Group (TCG). Financial terms of the deal were not disclosed.
Providence Equity Partners is a leading private equity firm specializing in equity investments in media, communications, education, and information companies around the world. As part of the transaction, through which Providence acquired a significant minority equity stake in TCG, representatives of Providence will join TCG’s board of directors and TCG founder Peter Chernin will become a senior advisor to Providence. TCG and Providence will work together to invest in, acquire, build, and operate media assets around the world, with a particular focus on the US, and emerging markets such as Asia, particularly in India, Indonesia, and China.
The Weil team on this transaction was led by Michael Weisser and included Technology & IP Transactions partner Jeffrey Osterman; Tax & Benefits partners Stanley Ramsay and Andrew Gaines; Corporate associates Sarah Stasny, Matthew Speiser, Paul Carbonelli and Janell Wise; and Tax associates Ajit Gokhale and Zahava Blumenthal.
This news also appeared in the following publications (may require registration/subscription):
- Deadline.com: Chernin Group Secures $200M Private Equity Investment For US-Asian Expansion (April 22, 2012)
- The Deal Pipeline: Providence backs Chernin with $200M (April 23, 2012)
- Financial Times: Chernin Group secures $200m in private equity (April 23, 2012)
- RBR.com/TVBR.com: Peter Chernin ramps up media company with new investors (April 24, 2012)