Media company Chenal Media, a division of private equity-backed Chenal Brands, has closed on $7 million in Series B funding from iHaniel and undisclosed private investors. The money will go toward the development, co-production and distribution of genre feature films under $5 million.
Chenal Media (http://www.chenalmedia.com), transmedia division of private equity-backed Chenal Brands (CBI), has shifted more of its focus to motion picture properties with $7 million in Series B funding from iHaniel and private investors. The new funding will support Chenal Media’s growth strategy in three main areas: development, co-production and distribution of genre feature films under $5 million.
The company also announced the addition of financier Hans Reinelt and Chenal Brands CEO Will Bermender, a former NBC and Comcast executive, to the team of CBI’s subsidiary in the roles of CFO and Chairman, respectively.
Chenal Media, spun off from CBI in 2010 to focus on new and traditional media properties, expanded into filmed entertainment in 2011 with a production finance focus in senior, gap, mezzanine and equity financing. Earlier this year, Chenal began developing its own properties to create more compatible product.
Chenal, which caps its financial involvement at 50% of a film project’s total cost, is initially concentrating on the horror, thriller and action genres with domestic and international co-productions.
“We are pleased to have iHaniel deepen and extend their support of our company and our intellectual property assets,” said Will Bermender, Chairman of Chenal Media. “Based on our progress since the first Series B closing, recent acquisitions, and the strong commercial traction we are already seeing in 2012, our Board and our investors have decided to increase their support to accelerate our growth.”
“As the earliest investors in CMC, we are excited with the progress they have made, and the new entertainment products coming to market,” said iHaniel Managing Partner Tom Riskin. “We are delighted to have Bermender and Reinelt join the team, and look forward to working together as Chenal extends its reach into new ancillary markets.”