Fox invests $100 million in broadcasting platform Caffeine
6 September, 2018, 10:35 am
(Reuters) – Twenty First Century Fox
Stakes in Caffeine and a newly formed venture, Caffeine Studios, will be part of the proposed new “Fox” after the Disney deal, the company said in a statement.
Fox is in the process of selling the bulk of its film and television assets to Walt Disney Co
The investment is part of Fox’s strategy to focus on news and live sports after the deal. Caffeine Studios will focus on creating e-sports, video game, sports and live entertainment content for the broadcasting platform, Fox said.
Existing Caffeine investors, venture capital firms Andreessen Horowitz and Greylock Partners and other undisclosed partners also took part in the funding round. The amounts of the additional investments were not disclosed.
The media company said its Executive Chairman Lachlan Murdoch will join Caffeine’s board.