Media mogul Peter Chernin wants to expand aggressively in film and TV production.

Chernin, a former top executive at Rupert Murdoch’s empire who has built his own media fiefdom over the past decade, is scouting for acquisitions that could scale his company to a point where it could go public in the next three years, according to people familiar with the matter. The company has held discussions to acquire Red Arrow Studios, which is owned by ProSieben Sat.1 Media SE. Red Arrow houses a number of international production studios that are behind such hits as Amazon’s “Bosch” series and Netflix’ reality series “Love is Blind.”