“Media mogul Peter Chernin is planning to raise a new media fund of more than $500 million, opening a new chapter for the digitally savvy executive who has been one of Hollywood’s technology innovators,” Deadline reports, citing a story that broke on the tech news website The Information.
Deadline notes that the report “comes on the heels of a story last week that AT&T is contemplating buying all of Otter Media, the internet video company it jointly owns with The Chernin Group.
“The deal has been contemplated for a while, but AT&T elected to wait for the Justice Department’s antitrust suit seeking to block the Time Warner merger to play out in federal district court before making a move to acquire Otter, Recode reported.”
AT&T and The Chernin Group weren’t commenting.
“The sale of Otter Media, which some value in excess of $1 billion, would throw off significant cash to fuel a fresh round of tech investments,” Deadline notes.