The Raine Group, the boutique investment bank started by two former Wall Street dealmakers, has received new investments from three media and technology executives, Eric Schmidt, Sean Parker, Peter Chernin, as well as other big names from the media and technology sectors.
Eric Schmidt, the former chief executive of Google Inc, Sean Parker, the former president of Facebook, and Peter Chernin, the former chief operating officer at News Corp, are among the backers of Raine.
Raine, which has offices in Los Angeles, New York and Shanghai, is led by Joe Ravitch, media banker and former Goldman Sachs partner, and Jeff Sine, the former head of the UBS technology, media and telecoms division.
Ari Emanuel, head of the William Morris Endeavor talent agency, is also an investor in the bank.
Raine is also on course to raise $500 million to finance acquisitions in media, sports and entertainment, and is completing its third investment, having agreed to acquire a stake in OpenSky, an online social shopping service.
The Raine Group, LLC is a boutique merchant banking firm that offers financial advisory services. The firm is based in New York, New York with an additional office in Beverly Hills, California.