Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to email@example.com.
Los Angeles-based investment firm The Chernin Group has reportedly joined forces with an Austin, Texas-based talent agency on a new fund that will snap up businesses and pair them with social media influencers.
The collaboration between Chernin and the talent agency, Night Media, will take the form of a growth equity vehicle called NightCap, Axios reported Tuesday. As the publication notes, Night Media has found success in pairing its talent with business ventures; one of its clients is YouTube star Mr. Beast, who has launched ventures including a fast food brand.
When reached by dot.LA, The Chernin Group declined to comment on the report. Night Media did not immediately respond to a request for comment.
Most recently, The Chernin Group led a $40 million growth equity raise for Stoggles, a Pasadena-based maker of stylish protective eyewear. The investment firm has also targeted the media space via investments in anime streaming platform Crunchyroll and Barstool Sports, the sports media outlet with a lengthy track record of perpetuating and promoting sexism, racism and anti-LGBTQ rhetoric. Chernin reportedly set about raising a new $1 billion investment fund last summer, Axios reported at the time.
In addition to managing a roster of online influencers, seven-year-old Night Media also operates an early-stage venture firm called Night Ventures, which leverages funds from YouTube, TikTok and Twitch content creators instead of traditional limited partners.