Mumbai : Global investment firm KKR along with California-based media holding company, Chernin Group, will commit up to $300 million to create a pan-Asian media and entertainment investment platform in a long-term bet on Asia’s fast growing digital media and technology space that includes India also.
The new platform, Emerald Media, which will see KKR hold a majority stake, will primarily focus on providing capital to media, entertainment and digital media companies across Asia. Chernin Group will join as a minority co-investor in the platform. Emerald will look to acquire control or significant minority positions in growing public and private media companies.
The platform will look to invest approximately $15million-$ 75million in any investment. A substantial portion of the investments will come into India, where KKR is building a series of investment platforms. The US buyout fund has a non-banking finance company, a real estate investment platform and distressed assets platform, besides its core private equity business.
As part of the transaction, KKR will also acquire a significant minority stake in CA Media, the existing Asian media portfolio of Chernin Group.
The platform will be headed by Rajesh Kamat, who was former COO of Viacom18 Group and CEO of COLORS in India, and Paul Aiello, the current group CEO of CA Media. Aiello was the former CEO of News Corp’s Star TV Asia.
The transaction, which is aimed at creating one of the largest media investment platforms in the region, is expected to get announced later this week. “The media, entertainment and digital media segment across Asia, especially in India, enjoys attractive macro fundamentals, mirroring the trajectory of the region’s consumer sector,” Sanjay Nayar, Member of KKR and CEO of KKR India, said.
