KKR-backed Emerald buys stake in YuppTV for USD 50 million
Press Trust of India | Mumbai October 11, 2016 Last Updated at 16:22 IST
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Global investment firm KKR-backed Emerald Media today said it has acquired a “significant minority” stake in over-the-top (OTT) content provider YuppTV for USD 50 million.
“Emerald Media, a pan-Asian platform established by leading global investment firm KKR for investing in the media and entertainment sector, has acquired a significant minority stake in YuppTV for USD 50 million,” it said in a release.
Emerald Media was established last year by KKR to invest in the fast-growing media and entertainment industries across Asia, for which the investment firm has committed up to USD 300 million from its KKR Asian Fund II.
“We couldn’t ask for a stronger partner than Emerald Media. YuppTV is a content distribution platform with a strong consumer connection, and Emerald Media has global media relationships.
“We hope to leverage their relationships and existing assets Endemol, OML, Fluence and Graphic India to create original programming and make this platform a next generation distribution and content powerhouse,” YuppTV Promoter and CEO Uday Reddy said in a statement.
In September 2015, US-headquartered YuppTV had raised its Series A round of funding from Poarch Creek Indian Tribe of Alabama.
Targetted at the Indian diaspora, YuppTV offers over 250 South Asian TV channels, 5,000 plus movies and over 100 TV shows to worldwide audiences, with a focus on the US, UK, Middle East, Canada, Singapore, Malaysia, Australia, New Zealand and the Caribbean.
“Uday and his team have created an exceptional online video platform with a loyal subscriber base that realises the huge potential of the global Indian diaspora. Our investment and relationship will enable YuppTV to further their strong leadership position in the rapidly growing OTT space,” Emerald Media MD Paul Aiello said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)