Peter Guber has made a multi-million dollar investment in the virtual reality company, NextVR, to help drive expansion in live broadcasting of sports and entertainment events.

NextVR, most known for capturing and delivering live and on-demand virtual reality experiences, has worked with numerous sports and entertainment groups including the NBA, NHL, NASCAR, and the band Coldplay.

In May, Guber worked with NextVR to shoot a NBA Warriors game in virtual reality and was blown away with the final experience, peaking his interest further into NextVR. Peter Guber happens to be a co-owner in the Golden State Warriors. In addition to Guber’s investment, he will also chair their newly formed advisory board.

The newly launched advisory board will help to provide strategic advice through NextVR’s expansion as virtual reality becomes a mainstream consumer digital platform in 2015. The advisory board comes with three inaugural members representing the worlds of entertainment, sports and broadcasting. Peter Guber will chair the board, accompanied by Scott Teissler, formerly of Turner Broadcasting, and Doug Perlman, Founder and CEO of Sports Media Advisors.

“For those who haven’t experienced it yet, it’s hard to imagine what NextVR is capable of delivering with their live virtual reality technology. They have engineered the closest thing to putting you in the best seat in the house virtually that is possible,” said Peter Guber, Founder and CEO, Mandalay Entertainment. “It’s a game changer for live sports, festivals, concerts, shopping, and travel.”

Peter Guber has a storied career in sports and entertainment. As Chairman and CEO of Mandalay Entertainment and former Chairman of Sony Entertainment, Guber’s personal films have earned more than $3 billion worldwide and racked up 50 Academy Award nominations. Guber’s sports resume includes co-ownership of three professional sports teams: the Golden State Warriors of the NBA, the Los Angeles Dodgers of MLB and the Los Angeles Football Club of Major League Soccer. Guber is also an owner and Chairman of Dick Clark Productions, the world’s largest producer of televised live event entertainment programming, which includes the Golden Globe Awards, the American Music Awards, the Billboard Music Awards and Miss America.

“We’re thrilled to formalize our relationships with these three individuals who are each outstanding in their own fields,” said Brad Allen, Executive Chairman, NextVR. “As we prepare for NextVR to play a leading role in live-action Virtual Reality, the Advisory Board will support our mission to bring world class entertainment and sports media properties into this new medium.”