Peter Chernin's The Chernin Group is setting its sights on Asia with the announcement Sunday that it is launching CA Media to build and manage media, entertainment and technology businesses throughout the region.
As the former president and COO of News Corp., which is also active in the region, Chernin will be facing off against his former employer. He will be joined by Paul Aiello, who most recently served as the CEO of Star Group, the region's leading pay television broadcaster, and who also oversaw News Corp.'s investment in its joint ventures in India, China and Indonesia, among other countries in the region.
Chernin will serve as chairman of CA Media, and Aiello, who along with Chernin is a founding shareholder of the company, will be CEO.
In addition to the Chernin Group and Aiello, the initial investors in CA Media include Allen & Company, Brookside Capital (an affiliate of Bain Capital), Gordon Crawford and Kimberly Querrey, among others.
CA Media, which will be headquartered in Hong Kong, will initially focus on China, India and Indonesia, where it will be involved in film and TV production, television networks, sports, education, advertising and digital media.
The company plans to team with local entrepreneurs, strategic partners and financing sources to launch new enterprises, enhance the growth of businesses in their formative stages and selectively pursue later-stage transactions.
"We see tremendous opportunity across Asia, but particularly in India, China, and Indonesia," Chernin said. "These markets provide the ideal blend of economic, demographic and industrial dynamism required to build a pan-Asian media organization of significant scale. In Asia, there is less distinction between 'traditional media' and 'new media.' Nearly everything is growing, which allows for more robust prospects across the industry -- prospects that we find enormously exciting."
"We are uniquely familiar with the development of the global media industry, and we have distinctive insight into how it is likely to evolve in Asia," Aiello said. "We intend to make a meaningful contribution to this great story."