Twenty-First Century Fox Inc. (NASDAQ: FOXA) announced that it has invested a combined $100 million into Caffeine and a newly formed venture called Caffeine Studios that is jointly owned by Fox Sports and Caffeine.
Caffeine is a next-generation social broadcasting platform for gaming, entertainment and other creative content.
This newly created studio will leverage Fox Sports’ expertise in live events and programming to create exclusive esports, video game, sports and live entertainment content for Caffeine’s next-generation social broadcasting platform.
In addition to the creation of the studio, Lachlan Murdoch, executive chair of Fox, will join Caffeine’s board. Also, Fox’s stakes in Caffeine and Caffeine Studios will be part of the proposed new “Fox,” the company that will be formed upon completion of the proposed transaction between the firm and Disney, for which Murdoch will serve as board chair and chief executive.
Ben Keighran, CEO of Caffeine, commented:
We want to bring the world together around friends and live broadcasts. It’s an ambitious goal, but one we believe is attainable with the support of our amazing new partners, our awesome and ever-growing community, and the content that together, we can bring onto the platform.
Murdoch added:
The combination of the Caffeine platform with a content studio that benefits from Fox Sports’ expertise in live events and programming will help position Caffeine to deliver compelling experiences in esports, video gaming and entertainment. We are excited to partner with Caffeine and build something special for fans in the growing live social streaming esports and gaming space.
Shares of 21st Century Fox were last seen at $45.38, with a 52-week range of $24.81 to $50.15.
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