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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.