(Reuters) - Twenty First Century Fox said on Wednesday it led a $100 million funding round in social broadcasting platform Caffeine.
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 in a $71 billion deal, which is expected to close in the first half of 2019.
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 media company said its Executive Chairman Lachlan Murdoch will join Caffeine's board.
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(Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur)
Disclaimer: No Business Standard Journalist was involved in creation of this content
