The Chernin Group

Method

Peter Chernin's firm is the most consistent institutional buyer of creator businesses across the period. Chernin advises and invests in Fullscreen from its 2011 founding and takes control in September 2014 through Otter Media, the joint venture with AT&T formed that year with a pledge of upwards of 500 million dollars. It buys a majority of Crunchyroll in December 2013, buys 51 percent of Barstool Sports on January 7, 2016 at a valuation Dave Portnoy puts at 10 million to 15 million dollars, and sells Otter Media to AT&T on August 7, 2018 for a reported 1 billion dollars. It seeds Substack in a 2 million dollar round in May 2018 and returns for the 100 million dollar round reported on July 17, 2025 at a 1.1 billion dollar valuation. Barstool is sold to Penn in stages between 2020 and 2023. Its Whalar involvement is unconfirmed.

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The path: money and goods moving

• invested inFullscreenPeter Chernin is an adviser and investor in Fullscreen from its 2011 founding and takes control through Otter Media in September 2014 at a reported valuation of about 300 million dollars.2011
• invested inOtter MediaThe Chernin Group and AT&T form Otter Media in 2014 pledging upwards of 500 million dollars; AT&T buys out Chernin on August 7, 2018 for a reported 1 billion dollars.2014 to 2018
• invested inBarstool SportsThe Chernin Group buys a majority of Barstool on January 7, 2016 at a valuation Portnoy puts at 10 million to 15 million dollars, adding Mike Kerns and Jesse Jacobs to the board.2016
• acquiredBarstool SportsThe Chernin Group buys 51 percent of Barstool in January 2016 at a valuation of 10 million to 15 million dollars and sells its remaining 36 percent to Penn by 2023.2016 to 2023
• came out ofDave PortnoyPortnoy sells majority control of Barstool to The Chernin Group in January 2016 and moves the company to New York.2016
• invested inSubstackThe Chernin Group joins Substack's 2 million dollar seed in May 2018 and the 100 million dollar round at a 1.1 billion dollar valuation reported July 17, 2025 alongside Andreessen Horowitz and BOND.2018 to 2025
• invested inNight CapitalThe Chernin Group commits 100 million dollars to establish Night Capital in September 2022.2022
• invested inNightThe Chernin Group makes an undisclosed investment in Night's talent management business alongside the 2022 Night Capital launch.2022