KKR commits $300m to Asia media investment platform
KKR has committed $300 million to a Emerald Media, an investment platform that will target media and entertainment opportunities across Asia. The Chernin Group is participating as a minority co-investor in the deal.
The new platform will be led by Rajesh Kamat and Paul Aiello who between them have more than 30 years of experience in media and entertainment. Aiello was previously CEO of News Corp-owned Star TV Asia while Kamat used to be COO of Viacom18 Group and CEO of Colors.
They are currently CEO and COO, respectively, of CA Media, an Asian media portfolio of The Chernin Group. KKR has acquired a significant minority stake in CA Media.
Emerald will focus on control and minority growth investments of $15-75 million. According to a source familiar with the situation, India is expected to be the most active market for the platform, although the investment remit covers the entire region. The deal was led by Sanjay Nayar, CEO of KKR India.
"The media, entertainment and digital media segment across Asia and especially in India enjoys attractive macro fundamentals, mirroring the trajectory of the region's consumer sector," Sanjay Nayar, CEO of KKR India, who led the deal for the PE firm, said in a statement. "This is a fragmented industry, and we are excited to work with industry veterans to identify the next generation of media and entertainment companies we can partner and support."
The Chernin Group (TCG) is a privately held media holding company founded by Peter Chernin, who as president and COO of News Corp. between 1996 and 2009 was responsible for Twentieth Century Fox Filmed Entertainment and Fox Broadcasting. TCG invests globally in media, entertainment and technology-related assets.
Shareholders and strategic partners of TCG include Providence Equity Partners, Qatar Holdings and 1Verge, an investment vehicle controlled by Victor Koo, CEO of Chinese online video platform Youku Tudou.
KKR's commitment comes from its second pan-Asian fund, which closed at $6 billion in 2013.
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