Twenty First Century Fox has made $100 million investment 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.
Fox is in the process of selling the bulk of its film and television assets to Walt Disney in a $71 billion deal, which is expected to close in the first half of 2019.
The investment in Caffeine is part of Fox’s strategy to focus on news and live sports after the deal. Fox said Caffeine Studios will focus on creating e-sports, video game, sports and live entertainment content for the broadcasting platform.
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.
