Peter Chernin’s investment vehicle has bought a stake in Base79, the digital company that operates a bouquet of YouTube channels.
The Chernin Group (TCG) has paid US$10 million for a 25% stake in the company, which said it will use the cash to invest in technology and to launch channels in new territories. The company was previously known as myvideorights before receiving an injection of funds from venture fund MMC Ventures and rebranding last year. MMC remains an investor in the company.
“Base79 has established itself as one of the clear leaders in online video, an exciting space that we believe is positioned to grow faster than any other area of media,” said Peter Chernin. “Base79 is one of Europe’s fastest-growing young media companies, and we look forward to partnering with the Company and its management team to help build on its vision and capitalise on further opportunities for growth.”
Base79, which is based in the UK, US and Australia, operates hundreds of channels on YouTube and launched four more this October as part of the YouTube original channels initiative.
The four in question are: /Football, parkour channel /Flow, Guinness World Records: OMG! and comedy channel Bad Teeth, which is run by Base79 and UK producer Hat Trick. The company’s other content partners include BBC Worldwide, Syco and Tiger Aspect.
Alex Carloss, YouTube’s global head of entertainment, said: “We view The Chernin Group’s investment in a key partner like Base79 as a sign of the growth of the YouTube ecosystem in Europe. Base79’s deep expertise in rights management and the YouTube platform will continue to help partners control and grow their content businesses on YouTube.”