The Chernin Group, a US-based media company led by former News Corporation executive Peter Chernin, has helped MiTu Network, a YouTube video channel company, raise a financing round. The amount raised was undisclosed, but news provider AllThingsD said it had raised $3m.
The Chernin Group was joined in the round backing Los Angeles-headquartered MiTu by Allen DeBevoise, executive chairman of Machinima, a US-based video entertainment network for gamers, Juan Cristóbal Ferrer of Ferrer Comunicación, a Mexico City-based advertising agency and venture firms Advancit Capital and Code Advisors. A Chernin Group executive will join MiTu’s board.
The Chernin Group is backed by investors including Qatar Holding and private equity firm Providence Equity Partners.
MiTu was launched seven months ago and its network now has more than 350 channels from North America, Latin America, Europe and Asia, and has accumulated more than 800 million total network views across a subscriber base exceeding 2.3 million.
The investment will be used to expand MiTú’s US, Mexico and Colombia channel recruiting, partnerships, and monetization teams.
Peter Chernin said: “The MiTu opportunity combines two powerful trends: one, the Latino audience is one of the fastest-growing and youngest demographics in the world and two, YouTube is the largest and fastest-growing online video platform in the world. MiTu not only identified those two trends, but also has been aggressive and smart about launching a consumer-focused brand in this market, targeting a younger Latino audience whose needs are unmet by traditional television. The early results have been astounding and we’re thrilled to partner with them to continue to grow the business.”
Law firm Strategic Law Partners advised the the Chernin Group. Law firm Gunderson Dettmer advised MiTu.