4. Exclusive: Chernin pours $50 million into MeatEater
TCG, a venture affiliate of The Chernin Group that invests media, entertainment, and tech businesses, has doubled down on its investment in MeatEater, the popular outdoor, hunting brand that hit mainstream via its hit show on Netflix beginning in 2012.
Details: TCG has over the summer poured $50 million of additional capital into the franchise, of which it's a majority stakeholder. That money was used, in part, to make MeatEater's first acquisition. The company acquired First Lite over the summer, a technical apparel brand that it has partnered with for years.
- According to Kevin Sloan, CEO of MeatEater, First Lite brought in more than $2 million in just 2 days after MeatEater ran its first promotion for its across its podcasts and digital channels.
Driving the news: Leading up to the launch of MeatEater's 8th season on Netflix this month, the brand is going all in on commerce. The majority of the revenue from the company at this point comes from selling stuff, not licensing its show to Netflix.
- On Friday, MeatEater launched its first Whiskey called MeatEater Straight Bourbon Whiskey. The company sold over 60% of its first batch of whiskey in its first three days of sales.
The big picture: The outdoor/adventure content category seems small, but a farm-to-table health trend country-wide is pushing some of its content mainstream, especially on the food and beverage side.
The bottom line: For Chernin, the investment follows a similar pattern of investing in niche content businesses that don't rely on advertising. The company took a majority stake last week in Food52, a home goods and food site, for $83 million.