The Qatar Investment Authority, among the top 10 of the world’s richest sovereign wealth funds, is investing $150 million into Peter Chernin-led The North Road Company to push its growth.
Launched in July 2022 and backed by more than $800 million in U.S. private equity, the studio’s releases include Ford v. Ferrari, New Girl and documentary production firm Words + Pictures. The North Road Company also releases unscripted content from Kinetic Content, Left Right Productions and 44 Blue – production companies behind such popular shows as Love Is Blind, The Ultimatum, Married at First Sight and The Circus.
The North Road Company was launched in July 2022 with $300 million in debt financing from Apollo Global Management and more than $500 million in funds from Providence Equity Partners LLC. The new company’s first transaction was a $200 million acquisition of Red Arrow Studios’ North American production companies.
The Middle East nation’s wealth fund is the ninth-richest in the world with about $475 billion in assets, according to SWFI Institute. China Investment Corporation tops the list, with more than $1.3 trillion in assets, followed by Norway Government Pension Fund Global second with $1.2 trillion and Abu Dhabi Investment Authority third with $1.3 trillion in assets.
With Red Arrow under the Chernin Entertainment umbrella, the company also added Words + Pictures, an unscripted production firm run by former ESPN executive Connor Schell. Through the deal, North Road upped its stake to full ownership from a 50% stake.
The Qataris previously invested in the Chernin Group, which the mogul founded after leaving Fox. With the latest investment, North Road’s valuation exceeds $1 billion, according to Bloomberg.
