What is Peter Chernin net worth?
Peter Chernin is an American entertainment and media executive who has a net worth of $400 million. Peter Chernin is best known for founding the Chernin Group, of which he is also its CEO. TCG operates and invests in businesses in the entertainment and technology sectors, with its entertainment suite producing major motion pictures such as “The Heat”, “Hidden Figures”, “Ford v Ferrari” and “Planet of the Apes” reboot trilogy. Prior to founding TCG, Chernin was President and COO of News Corporation and Chairman and CEO of the Fox Entertainment Group.
He served as President and COO of News Corporation from 1996-2009 where he headed Twentieth Century Fox Filmed Entertainment as well as Fox Broadcasting Company. During his time managing Fox, the studio produced the two highest-grossing films of all time, “Titanic” and “Avatar.” Under Peter Chernin, Fox’s broadcast and television groups experienced exponential growth. He was instrumental in Fox’s expansion into sports broadcasting. During his tenure, Fox’s schedule grew from two nights of original programming a week to seven. He has served on the boards of directors of American Express, Pandora and Twitter.
In 2013, Chernin led a group that made a $500 million bid for video streaming site Hulu.
previous life
Peter Chernin was born on May 29, 1951 in Harrison, New York to parents Herbert and Mary. He was raised in the Unitarian faith, although his father was a Jew. For his higher education, Chernin went to the University of California, Berkeley, from which he graduated with a BA in English Literature.
career beginnings
Chernin began his career in the publishing industry. He initially worked as an associate advertising director at St. Martin’s Press, then became an editor at Warner Books. Next, Chernin served as Vice President of Development and Production at David Gerber Company. He later joined Showtime Networks, where he was Executive Vice President of Programming and Marketing. Chernin went on to become the president and chief operating officer of Lorimar Film Entertainment.
News Corporation and Fox
In 1989, Chernin became president and chief operating officer of the Rupert Murdoch News Corporation. At the media company, he oversaw global operations such as the production and distribution of film and television and the expansion of digital media. Chernin also served as Chairman and CEO of Fox Entertainment Group, a subsidiary of News Corporation. During his tenure, Fox TV became the number one network in the 18-49 age group, while Fox’s cable shows amassed more than 400 million subscribers in less than a decade. Also during his leadership, 20th Century Studios produced the two highest-grossing films in history (not adjusted for inflation), James Cameron’s Titanic and Avatar.
After 20 years at News Corporation, Chernin separated from the company in early 2009 to pursue his entrepreneurial endeavors. He was succeeded by Chase Carey.
(Photo by Stephen Lufkin/Getty Images)
Chernin group
In 2010, Chernin founded his holding company The Chernin Group. He also became its Chairman and CEO. The company’s assets include film and television production company Chernin Entertainment and stakes in media companies such as CA Media, Tumblr, Pandora, and Flipboard. Chernin Entertainment is best known for producing a number of major feature films, most of which are distributed by 20th Century Fox. Her first feature film was the 2011 science fiction film Rise of the Planet of the Apes, the first in a reboot of the Planet of the Apes franchise. It was a critical and commercial smash and was followed by 2014’s “Dawn of the Planet of the Apes” and “War for the Planet of the Apes” 2017. Other notable films produced by Chernin Entertainment include the post-apocalyptic action movie Tom Cruise. “Oblivion”; Cop Friend comedy The Heat starring Sandra Bullock and Melissa McCarthy; Ridley Scott’s biblical epic “Exodus: Gods and Kings”; Biographical drama “Hidden Figures”; the musical “The Greatest Showman”; Sports drama “Ford v Ferrari” starring Christian Bale and Matt Damon. Chernin Entertainment has also produced the “Street of Fear” trilogy for Netflix.
Together with Jesse Jacobs and Mike Kearns, Chernin founded TCG Capital Management in 2018. It is an investment advisory firm focused on private equity investments in the entertainment, technology, sports and digital media sectors.
In 2016, the Chernin Group bought a 50% stake in Barstool Sports from founder Dave Portnoy for $10-15 million. By 2018, he invested a total of $25 million to increase his stake to 60%. In January 2020, Penn National Gaming bought a 36% stake in Barstool for $450 million. Chernin’s stake after the transaction was reduced from 60% to 36%.
Board appointments
Besides TCG, Chernin has held a number of appointments to the boards of other companies. He is a board member of American Express and has previously served on the boards of Twitter, DirecTV, E-Trade and Pandora. In addition, Chernin is the co-chair of the Visitors Council at his alma mater, University of California, Berkeley, and serves as a senior advisor to Providence Equity Partners.
Personal life and philanthropy
In 1980, Chernin married Megan Brody. Together, they have three children.
On the philanthropic side of things, Chernin co-founded the non-profit Malaria No More with Raymond G. The Malaria No More program also holds an alliance called Predict a Healthy Future, which consists of global health and technology partners working together to find innovative solutions to climate change.
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