KKR said on Tuesday it has committed up to $300 million to making deals in the media and entertainment industries across Asia and bought a minority stake in the existing Asian media portfolio of The Chernin Group which was founded by former News Corp. president Peter Chernin.
KKR has set up Emerald Media, a new vehicle to fund the media investments and Los Angeles-headquartered film production and investment firm, The Chernin Group, will join as a minority co-investor.
“The growing middle class in the region is using its discretionary income on Internet connectivity, but the industry itself is fragmented,” Said Joseph Bae, Member of KKR & Managing Partner of KKR Asia in a press release.
Kamat and Aiello together have more than 30 years of experience in the media and entertainment industries in Asia. Aiello is the group CEO of CA Media, the former CEO of News Corp.’s Star TV Asia, and former Head of TMT investment banking at Morgan Stanley Asia.
Kamat is currently the group COO of CA Media and was formerly COO of Viacom18 Group and CEO of Colors.
Emerald Media will focus on providing growth capital ranging from $15 million to $75 million for both control and significant minority positions to media, entertainment, and digital media businesses in Asia.
Emerald Media will have offices in Mumbai, Hong Kong, and Singapore.
“The media and entertainment sector is on the cusp of a strong growth phase—driven by media convergence, an attractive investment environment, and rising discretionary spends,” said Kamat.