What is Peter Chernin's Net Worth?
Peter Chernin is an American entertainment and media executive with a net worth of $400 million. He is the founder and CEO of The Chernin Group, which operates in the entertainment and technology sectors. TCG has been involved in producing several major motion pictures, including "The Heat," "Hidden Figures," "Ford v Ferrari," and the "Planet of the Apes" reboot trilogy. Before TCG, Chernin served as president and COO of News Corporation and chairman and CEO of Fox Entertainment Group.
During his tenure at News Corporation from 1996-2009, he oversaw Twentieth Century Fox Filmed Entertainment and Fox Broadcasting Company. Under his leadership, Fox produced some of the highest-grossing movies of all time, such as "Titanic" and "Avatar." Chernin was instrumental in expanding Fox's broadcasting operations, increasing its original programming from two nights per week to a full seven-night schedule. Additionally, he has served on the boards of companies like American Express, Pandora, and Twitter.
In 2013, Chernin led a group that made a $500 million bid for Hulu.
Early Life
Peter Chernin was born on May 29, 1951, in Harrison, New York, to Herbert and Mary. Raised in the Unitarian faith with a Jewish father, he went on to attend the University of California, Berkeley, where he earned a bachelor's degree in English literature.
Career Beginnings
Chernin began his career in publishing, working as an associate publicity director at St. Martin's Press before becoming an editor at Warner Books. He then served as vice president of Development and Production at the David Gerber Company and later joined Showtime Networks as executive vice president of programming and marketing. Subsequently, he became the president and COO of Lorimar Film Entertainment.
News Corporation and Fox
In 1989, Chernin became the president and COO of Rupert Murdoch's News Corporation. He managed global operations, including the production and distribution of film and television content and the expansion into digital media. As chairman and CEO of Fox Entertainment Group, Chernin led Fox to become the top network in the 18-49 demographic and helped Fox's cable programming amass over 400 million subscribers. He played a pivotal role in producing "Titanic" and "Avatar," the two highest-grossing films of all time (unadjusted for inflation).
After two decades at News Corporation, Chernin left the company in early 2009 to pursue his entrepreneurial ventures. Chase Carey succeeded him.
(Photo by Stephen Lovekin/Getty Images)
The Chernin Group
In 2010, Chernin founded The Chernin Group and became its chairman and CEO. The company owns Chernin Entertainment and holds stakes in various media companies, including CA Media, Tumblr, Pandora, and Flipboard. Chernin Entertainment is known for films like the "Planet of the Apes" reboot series, "Oblivion," "The Heat," "Exodus: Gods and Kings," "Hidden Figures," "The Greatest Showman," and "Ford v Ferrari." The company also produced the "Fear Street" trilogy for Netflix.
In 2018, Chernin partnered with Jesse Jacobs and Mike Kerns to establish TCG Capital Management, an investment advisory firm focusing on private equity investments in entertainment, technology, sports, and digital media sectors.
Barstool Sports
In 2016, The Chernin Group acquired a 50% stake in Barstool Sports from its founder Dave Portnoy for $10-15 million. By 2018, Chernin had invested a total of $25 million to increase his stake to 60%. In January 2020, Penn National Gaming bought a 36% stake in Barstool, valuing it at $450 million. This deal reduced Chernin's stake to 36%.
Board Appointments
In addition to TCG, Chernin has held board positions at several companies. He currently sits on the board of American Express and has previously been on the boards of Twitter, DirecTV, E-Trade, and Pandora. He is also the co-chair of the board of visitors at the University of California, Berkeley, and serves as a senior advisor to Providence Equity Partners.
Personal Life and Philanthropy
In 1980, Chernin married Megan Brody, and they have three children together. In terms of philanthropy, Chernin co-founded Malaria No More with Raymond G. Chambers in 2006. The non-profit organization aims to eradicate malaria through political engagement, advocacy, and funding. The group also leads Forecasting Healthy Futures, a coalition focused on innovative solutions to address climate change in the context of global health.
