The Peter Chernin Chernin Group has formed a new investment firm, Night Capital, with Night Inc. To manage digital talent, whose biggest client is YouTube content creator MrBeast.
Night Capital, which has $100 million in funding commitments, announced that it is focused on acquiring the majority of interests in “consumer-facing businesses in partnership with leading talent.” They said the company’s creative partners “will be key partners in driving strategic vision and future business growth” — similar to the business ventures of MrBeast, aka Jimmy Donaldson, who launched a national burger chain and toy company.
TCG and Night appointed Alexandra Moore, who was recently head of strategy at Amazon Music focused on mergers and acquisitions, to lead Night Capital as its founding managing director. In addition, TCG has invested an undisclosed amount in Night “to further accelerate Night’s growth as a next-generation talent representation platform,” the company said. With the stake, TCG co-founder and partner Mike Kearns will join Night’s board of directors.
Night Inc. was founded. In 2015 by former sports agent Reed Duchscher, and represented some of the world’s biggest digital creators, including MrBeast, who recently surpassed 100 million subscribers on YouTube. Other customers include ZHC (24 million subscribers) and Safiya Nygaard (9.5 million subscribers). In addition to its talent management business, the Austin, Texas-based company has launched Night Studios, an original content studio, and Night Ventures, a $20 million seedbed fund.
Night Capital’s board of directors consists of Duchscher, Kerns and Moore, Night Chairman Ezra Cooperstein and TCG Director Jacob Smilovitz.
“Night Capital will be a new and unique investment vehicle that enables innovators to be true equity owners and participate in building long-term corporate value,” Duchscher said in a statement. “Alex is the perfect addition to the Night Executive team. Her deal-making and operating experience in the entertainment industry will be invaluable to Night Capital and the talent we represent.”
TCG’s Kerns added, “We’re really excited to be working with Reed, Ezra and the team at Night Media. They are some of the most entrepreneurial and innovative corporate builders in the creator economy.”
TCG was founded by Peter Chernin, Jesse Jacobs, and Mike Kerns. The company focuses on significant majority and minority investments in Consumer Business Development. TCG’s investment portfolio includes Crunchyroll, Dapper Labs, Exploding Kittens, Food52, Goldin Auctions, Headspace, Hodinkee, OpenSea, Oura, The Pro’s Closet and Zed Run.
Pictured above: MrBeast poses with fans at the launch of the first MrBeast Burger at the American Dream Center in East Rutherford, NJ, on Sept. 4
[ad_2]
