In an attempt to tap the growing markets of Asia, The Chernin Group, founded by former News Corp chief operating officer Peter Chernin, has launched CA Media, a company that will strategically build, manage and operate media, entertainment and technology businesses across the APAC.
With an initial focus to build local presence in India, China and Indonesia, CA Media aims to capitalise on the compelling growth characteristics of these markets. Peter Chernin will be the chairperson of the company and Paul Aiello, who, along with Chernin, is a founding shareholder of the company, will be the chief executive officer.
Peter Chernin, founder, The Chernin Group, remarks in an official communiqué, "We see tremendous opportunity across Asia, particularly India, China and Indonesia. These markets provide the ideal blend of economic, demographic and industrial dynamism required to build a pan-Asian media organisation 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."
CA Media 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 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. We intend to make a meaningful contribution to this great story," says Aiello.
The initial investors in CA Media also include Allen & Company LLC, Brookside Capital (an affiliate of Bain Capital), Gordon Crawford and Kimberly Querrey.
Peter Chernin is the founder of The Chernin Group and Chernin Entertainment. The Chernin Group manages, operates and invests in businesses in the media, entertainment and technology sectors. Chernin Entertainment produces feature films and television programmes.
In June 2009, Chernin, then the second-in-command at News Corp after Rupert Murdoch, quit the organisation to set up his own Hollywood film and production company that would supply movies to News Corp's Fox Division.
Chernin joined News Corp in 1989 as president, entertainment, Fox Broadcasting. Later, he was made president and CEO of the Fox Movie Studio in 1992.
Paul Aiello, meanwhile, has 24 years of professional experience as a media executive and investment banker, with most of his career focused on the Asia Pacific region. Recently, he served as chief executive officer, STAR Group. At STAR, Aiello was responsible for approximately 68 pay channels in 15 languages, distributed in more than 65 countries around the world. In addition, he also oversaw News Corporation's investments in its joint ventures in India, China and Indonesia, among other countries in the region.
Prior to joining STAR, Aiello was head, technology, media and telecommunications investment banking, Morgan Stanley Asia.First Published : November 09, 2010