The Chernin Group, (TCG) the media company founded by former president of News Corporation Peter Chernin, has invested $10m in UK-based Base79, a digital TV business that runs 550 channels on internet television website YouTube, for a 28% stake,
Founded in 2007 and previously known as MyvideoRights, before re-branding in 2011, Base79’s videos have had more than 8 billion views. Base79 partners with video rights holders and producers on Youtube to build brands and sell advertising. Base manages content for more than 85 companies which include sports TV business IMG, Hat Trick productions and the Ministry of Sound. Base79 raised $4.4m in Series A funding in 2011 led by MMC Ventures with involvement from existing angel investors.
Base79 plans to use the new funds to accelerate its expansion across Europe and Asia.
Chief executive Ashley MacKenzie commented that Base79 is “It’s part of the YouTube explosion”.
Peter Chernin, founder and Chief Executive of TCG said: “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”.
Recently TCG secured an investment of $100m from government-backed Qatar Holding, having previously raised $200m in April of this year in a investment led by global private equity investment firm Providence Equity Partners.