Peter Chernin?s Media Group Picks Up $200M From Providence, Others; Will Announce First Deals ?Within Weeks? [Yahoo Won't Be Among Them]

A sign of more big money being poured into the tech sector, by way of a new development for the Chernin Group, the digital media company founded by ex-News Corp. executive Peter Chernin: it has sold a minority stake to a group of investors led by Providence Equity Partners, reportedly for $200 million. The Chernin Group, which has invested in a number of hot online properties including Tumblr and Flipboard, says that the deal gives it the financial muscle to go after "any deal of any size" anywhere in the world, according to a report in the FT. The deals will focus on media assets, and will span the range from incubator investments through to later-stage funding rounds. The first investments will be announced "within weeks."

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