MUMBAI: Former News Corp president and COO Peter Chernin?s The Chernin Group (TCG) has entered into a strategic partnership with Providence Equity Partners (Providence), a leading private equity firm specialising in equity investments in media, communications, education, and information companies around the world.

As part of the transaction, the Providence-led group will infuse over $200 million for a significant minority equity stake in TCG. Representatives of Providence will join TCG?s Board of Directors. Peter Chernin will become a senior advisor to Providence.

With the infusion of capital, TCG will leverage its partners? expertise and resources to expand and diversify the global media and entertainment operating company, the company said today. TCG and Providence will work together to invest in, acquire, build and operate media assets around the world, with a particular focus on the US, as well as emerging markets such as Asia, particularly in India, Indonesia, and China. Capital raised in the transaction will be used primarily for TCG investments.

Commenting on the funding, Chernin said, "We have made tremendous progress to date, and we?re buoyed by the faith and enthusiasm of our new partners. Our goal is to build a global, diversified media company that leverages the key areas of value and growth in the world today ? the importance of premium content; exploiting opportunities in emerging markets, specifically Asia; and technology?s disruptive impact on the media industry. Providence brings an exceptional track record of identifying and supporting the growth of innovative media and entertainment companies. With their additional expertise and resources, we intend to expand our company across all fronts," he added.

Added Providence CEO Jonathan Nelson, "We have worked closely with Peter for many years and have tremendous respect for his extraordinary creative savvy and world-class business acumen. We share the same outlook and enthusiasm for the significant media and entertainment investment opportunities around the world. Given our collective industry experience, network of relationships, and long-term commitment to these vibrant industry sectors, it is clear that together we have a team with tremendous depth of talent and expertise to build a media and entertainment company of scale. This partnership is already up and running, and we look forward to pursuing unique growth opportunities together."

TCG?s current assets include Chernin Entertainment, an entertainment production company; a majority stake in CA Media, an Asia-based media investment company; and several strategic investments in US based technology and media companies.

In India, TCG?s CA Media is headed by Rajesh Kamat as its India CEO. Kamat had joined the company in April last year, after quitting Viacom18 as Group COO and Colors CEO.

CA Media focuses on investing in business opportunities in Asia, particularly India, Indonesia, and China. TCG has also made a series of investments in US digital media ventures, including Pandora, the leading Internet radio service; Fullscreen, a next-generation digital media company focused on empowering content creators, networks and brands to leverage online video; Tumblr, a blogging and social sharing platform that hosts over 50 million blogs and has over 130 million visitors per month from around the world; and Flipboard, the world?s first social magazine designed for iPad and iPhone, providing an entirely new experience for browsing social content and online news.

Chernin Entertainment has produced the feature film Rise Of The Planet Of The Apes and is currently in production on director Joseph Kosinski?s sci-fi thriller Oblivion starring Tom Cruise. Parental Guidance starring Billy Crystal and Bette Midler will be released in December 2012.

Chernin Entertainment also produces the Fox television shows "New Girl," "Touch," and A&E?s "Breakout Kings." Currently, the company is also producing two pilots, an untitled comedy for CBS written by Nick Stoller and an untitled Dana Fox comedy for Fox.

Ziffren Brittenham LLP, Gibson, Dunn & Crutcher and O?Melveny & Myers were the advisors for The Chernin Group and Weil Gotshal & Manges for Providence Equity Partners.