Peter Chernin, left, with investor Eric Semler at the Allen & Co Sun Valley conference in 2016. Photo by Bloomberg
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Chernin Plans New $500 Million-Plus Fund

Photo: Peter Chernin, left, with investor Eric Semler at the Allen & Co Sun Valley conference in 2016. Photo by Bloomberg

Media mogul Peter Chernin is planning to raise a new media investment fund of more than $500 million, said three people familiar with the situation, giving the media investor more fuel for his digital media engine.

Word of the new fund follows a report last week that AT&T planned to buy full ownership of its online video joint venture with Mr. Chernin, Otter Media, in a deal that valued Otter over $1 billion. Otter Media owns a variety of video companies including subscription Anime streaming service Crunchyroll and digital media firm Fullscreen. AT&T declined to comment.

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