Qatar Holding has made a "significant equity investment", reportedly around $100m, in a US media and entertainment firm run by the former head of Twentieth Century Fox.
Peter Chernin's The Chernin Group said it has added Qatar Holding to its list of shareholders.
In a statement, the company said it plans to use the injection of funds to expand and diversify its media and entertainment operations in the US and across Asia.
No specific financial terms were disclosed but US media reported the deal was worth about $100m.
“We are pleased to expand our formidable shareholder group with the addition of Qatar Holding, a distinguished investor and strategic partner,” said Chernin, the founder and CEO of TCG.
“This transaction marks another important milestone in our company’s evolution. This capital and partnership position us well to continue to pursue the most compelling areas of growth in the global media industry.”
Ahmad Al-Sayed, the managing director and CEO of Qatar Holding, added: “Peter Chernin is building TCG into a world-class media company. He and his team have proven success in identifying and developing opportunities in the US and Asia.
“We look forward to partnering with TCG and Providence, working closely with them, supporting the ongoing development of their current portfolio of investments as well as the company’s growth through future endeavors.”
Jonathan Nelson, the CEO of Providence, an existing shareholder, said, “We are excited about TCG's momentum since our investment and are pleased to welcome Qatar to the partnership.”
The Chernin Group is based in Los Angeles, California and its assets include Chernin Entertainment, which produces feature films and television programmes; a majority stake in Hong Kong-based CA Media, which builds, manages and operates media, entertainment and technology businesses in Asia; and several strategic investments in technology and media companies in the US.
Prior to starting TCG, Chernin served as president and chief operating officer of News Corporation.
During his two decades with News Corporation, Chernin headed both Twentieth Century Fox Filmed Entertainment and the Fox Broadcasting Company.
Qatar Holding also has key investments in Agricultural Bank of China, Barclays, Canary Wharf Group (via Songbird Estates), Credit Suisse Group, Harrods Group, Hassad Food Company, Iberdrola, J Sainsbury, London Stock Exchange, Lagardere, Porsche, Qatar Exchange, Qatar Telecom, Qatar National Bank, Santander Brasil and Volkswagen.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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