Peter Chernin on ‘Backrooms,’ Sequel Fatigue, and Hollywood Mergers
The low-budget horror film ‘Backrooms’ is the surprise hit of the summer so far, netting more than $200 million globally in its leap from YouTube to the big screen. But among the film’s producers is a Hollywood heavyweight: Peter Chernin. As the former president and COO of News Corp. and chairman and CEO of the Fox Group, Peter greenlit huge hits like “Titanic” and “Avatar,” before moving on to found both North Road and The Chernin Group.
Kara and Peter talk about why “Backrooms” appealed to young audiences, how Hollywood has played it too safe over the last decade, and what it needs to do to get back to making the kinds of movies people want to see. They also talk about how AI could impact the movie-making business and why he’s not opposed to Paramount’s merger with Warner Bros. Discovery.
A note to listeners: This episode was recorded before the Justice Department approved Paramount’s acquisition of Warner Bros. Discovery late Friday.
Questions? Comments? Email us at on@voxmedia.com or find us on YouTube, Instagram, TikTok, Threads, and Bluesky @onwithkaraswisher.
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Peter Chernin - Betting on Passion - [Invest Like the Best, EP. 263]
My guest today is Peter Chernin, who’s had a Hall of Fame career in the entertainment business. Peter ran News Corp and Fox for fifteen years between 1996 and 2009 before co-founding The Chernin Group, which has become one of the leading investment firms in the consumer space. Along the way, he has also produced a number of blockbuster films, including Titanic, Avatar, The Greatest Showman, and The Planet of the Apes Trilogy. Please enjoy this wonderful discussion with Peter Chernin.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
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Show Notes
[00:03:06] - [First question] - Business and investing lessons from producing Titanic and Avatar
[00:06:44] - Defining great content and why James Cameron’s franchises have done so well
[00:10:26] - Contributing factors to box-office domination of pre-existing franchises
[00:12:56] - Tailwinds in his earlier career and identifying them in time to get behind change
[00:16:07] - Identifying Showcase was a subscription business early on, unlike broadcast businesses
[00:19:40] - Signals of passion and how powerful niche audiences can be
[00:23:24] - What a phony aggregator is and the slow dissolution of the middle market
[00:27:01] - The era of unbundling and direct relationships with superfans
[00:30:27] - Lessons learned from building Hulu
[00:34:29] - Working with Rupert Murdoch and qualities that separate him from the crowd
[00:37:07] - Defining what bravery means in a businesses sense
[00:39:22] - A movie he’s made in the past decade that he’s most proud of
[00:43:27] - The keys to being an effective partner to creative individuals
[00:49:53] - What exists today that may change the future landscape of media writ large
[00:52:19] - The kindest thing anyone has ever done for him