Global investment firm KKR-backed Emerald Media on Tuesday said it has acquired a ‘significant minority’ stake in over-the-top (OTT) content provider YuppTV for $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 $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 $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.