Many in the entertainment, TV and movie industries know about former News Corp. COO Peter Chernin’s producing deal for TV shows and movies for Fox.

What many don’t know is that he’s also been working on a "start-up venture staffed by several young business school graduates who will scout for investment opportunities in new technology, in developing countries and in a traditional media world that is littered with distressed properties," according to an article my Michael Cieply in the New York Times.

Furthermore, the article states, "Several weeks ago, Mr. Chernin and his young associates briefly sent a shiver through the tech world with reports that they were discussing something more forward-looking: a prospective channel that would be exclusive to the Xbox 360, and was supposedly ambitious enough already to have approached Conan O’Brien about bringing his new show on board, before he decided to sign with TBS."

The article says nothing has materialized regarding this channel thus far.