Peter Chernin, a media veteran and former Chief Operating Officer of News Corporation, is taking his film production company North Road Company to the next level, thanks to a $150 million investment from Qatar Investment Authority (QIA).
North Road Company, launched in July 2022, is a combination of Chernin Entertainment (of Ford v. Ferrari) and Kinetic Content, Left Right Productions, and 44 Blue. The company also purchased Red Arrow Studios for $200 million in the latter part of 2022. With involvement in more than 85 productions, the company aims to produce and finance films, television shows, and digital content in a rapidly changing media landscape.
North Road secured $500 million in financing at its inception from Providence Equity Partners and $300 million from Apollo Global Management for debt financing. Now, QIA, a sovereign wealth fund that invests in a variety of industries around the world, is also contributing significant financial resources to support its content ventures.
This move represents a significant investment by Qatar in the entertainment industry and is in line with the country's broader goal of diversifying its economy and investing in growth industries. QIA's wealth fund is the ninth-richest worldwide, with a combined $475 billion in assets, according to data from the Sovereign Wealth Fund Institute (SWFI). This is also the second investment by QIA in a Chernin company, as they invested in The Chernin Group in 2012.
With this partnership, North Road is poised to become a major player in the entertainment industry and produce compelling content for audiences worldwide.
“QIA is delighted to support the expansion of the North Road Company, a market-leading media firm,” Mohammed Al-Sowaidi, Chief Investment Officer of Americas for QIA, told the Hollywood Reporter. “This investment underpins our strategy to invest in innovative media and technology companies around the world and advances our long-term partnership with The Chernin Group.”