Chernin linked to $2bn move for IMG

Peter Chernin has reportedly joined forces with private equity firm CVC Capital to make a US$2 billion bid for sports and content business IMG.

Peter Chernin is the former News Corp number two who has set up a media investment business The Chernin Group. CVC is the private equity company that is a major shareholder in the Formula One racing series.

Sky News, the news channel operated by Chernin’s former employers, reported that Chernin has joined the CVC-led consortium and that he will join the board of the company should the bid prove successful.

Sky said that CVC would hold 60% of IMG, Chernin 20% and Bahrain-based fund Mumtalakat the remainder.

The Chernin Group is, in turn, backed by Qatar Holding and private equity firm Providence.

It owns 49% of Endemol India through its Asian arm CA Media and earlier this year was among a number of companies reported to have come close to acquiring US online video site Hulu. There were also reports 12 months ago that Chernin had entered talks with Endemol and Mark Graboff’s Core Media Group to merge the companies to create what would likely have been TV’s largest production entity.