KKR media platform buys India cartoon studio
Emerald Media, a pan-Asian media and entertainment platform backed by KKR, has acquired a majority stake in Cosmos-Maya, an animation studio based in Singapore and India.
Financial details of the transaction were not disclosed. Cosmos-Maya plans to use the capital provided to develop new film and television projects while leveraging Emerald's global media relationships to identify expansion opportunities both within India and overseas. The deal also gives Emerald control over digital effects house Maya Digital Studios (MDS).
Indian filmmakers Ketan Mehta (pictured) and Deepa Sahi founded MDS in 1997, with the company later taking on outsourced animation work for overseas clients including the BBC and Disney. After merging with Singapore's Cosmos Entertainment the studio began producing original content, with children's show Motu Patlu debuting in 2012. Cosmos-Maya now has nine animated shows airing on Indian TV.
In addition to its domestically-oriented content, Cosmos Maya also has three international co-productions in various stages of development, and has produced two feature films in collaboration with Warner Brothers and Cartoon Network, respectively. Its projects range from traditional two-dimensional animation to computer-animated three-dimensional cartoons.
"The vision for Cosmos-Maya has always been to become a cutting-edge media technology company creating quality Indian content for the global market," said Mehta in a statement. "The company will benefit greatly with a partner like Emerald Media, which has a strong understanding of the entertainment, broadcast and OTT space."
KKR formed Emerald in 2015, committing $300 million and bringing in The Chernin Group as a minority co-investor. The platform seeks control and minority growth investments of $15-75 million in media and entertainment companies across the region. Its portfolio includes India and US-based video streaming provider YuppTV and Amagi Media Labs, a provider of managed broadcast services and advertising platforms.
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