TCG Growth Opportunities, a blank check company formed by The Chernin Group targeting internet consumer businesses, withdrew its plans for an initial public offering on Tuesday. It had filed in March 2021 to raise $250 million by offering 25 million units at a price of $10, with each unit containing one share of common stock and one-quarter of a warrant, exercisable at $11.50.
The company was set to be led by Chairman Peter Chernin, who serves as co-founder and CEO of The Chernin Group, co-founder and Partner of TCG Capital Management, and founder and CEO of Chernin Entertainment. He is joined by Co-CEOs and Directors Jesse Jacobs and Mike Kerns, who both currently serve as Partners at The Chernin Group and TCG Capital Management. The company intended to focus consumer-oriented internet businesses, including companies in the media, commerce, health and wellness, sports, gaming, digital education, entertainment, and technology sectors.
The Playa Vista, CA-based company was founded in 2020. It had planned to list on the Nasdaq under the symbol TCGGU. Goldman Sachs and Morgan Stanley were set to be the joint bookrunners on the deal.
