Chernin Group Invests In MiTu Network
The Chernin Group is leading an early investment round in MiTú, a Latino-focused YouTube network, reports All Things D, which is rumored to be in the $3 million neighborhood. Other investors include Machinima CEO Allen DeBevoise; Advancit Capital, Shari Redstone’s VC firm; and Code Advisors. There’s a lot of interest in Hispanic and Spanish-language stuff on YouTube, and the video site has funded several channels targeted at that audience. It launched 7 months ago, and the company says its English- and Spanish-language clips have generated 800 million views so far. MiTú says it has signed up more than 2.3 million subscribers.