Home Hollywood Hollywood veteran Chernin forms new studio with acquisition of Red Arrow Studios

Hollywood veteran Chernin forms new studio with acquisition of Red Arrow Studios


LOS ANGELES, July 6 (Reuters) – Hollywood veteran Peter Chernin announced on Wednesday that he is forming a new studio, arguing that despite Netflix Inc (NFLX.O)’s recent takeover of the streaming industry A cloud has been cast, but demand for new content will remain strong. Subscriber losses.

The executive, known for films such as “Ford v Ferrari,” “Planet of the Apes” and “Hidden Figures,” is creating North Road Co to produce movies and TV shows for the U.S. and international markets.

The studio will combine Chernin’s namesake film and television production company, Chernin Entertainment, with two other studios. It bought the U.S. operations of Red Arrow Studios, the maker of Netflix’s reality show “Love is Blind,” for $180 million on June 30.

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Separately, North Road acquired the ownership of documentary maker Words + Pictures, buying out Chernin Entertainment co-founder Connor Schell.

Chernin raised $500 million in equity financing from Providence Equity Partners and another $300 million in debt financing through a management affiliate of Apollo Advisors to execute the expansion. He told Reuters he believed industry spending on film and scripted TV series, reality TV and content produced outside the United States would continue to grow as streaming services race to attract new subscribers.

“There are hundreds of millions of submarines outside the U.S., and they’re all going to be actively competing,” Chernin said.

Cable networks and broadcasters are other customers.

Many in the industry fear an era of austerity is coming, as Hollywood reassesses its spending on content while questioning the underlying economics of streaming. A handful of projects, including JJ Abrams’ “Demimonde” for HBO Max and Ava DuVernay’s animated series “Wings of Fire” for Netflix, have been canceled.

Chernin, whose studio is producing two movies for Netflix, as well as new seasons of the Apple TV+ series “See” and “Truth be Told,” said his studio’s script business has doubled year-over-year. A growing appetite for international fare and reality shows prompted him to expand his studio’s capabilities.

When asked about his decision to switch from a potential seller reported in late 2021 to a buyer, Chernin replied: “I think the sale is short-sighted.”

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Reporting by Dawn Chmielewski in Los Angeles Edited by Matthew Lewis

Our Standard: The Thomson Reuters Trust Principles.

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