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Update: Emerald Media has informed MediaNama that the company will be headed by Rajesh Kamat and Paul Aiello. CA Media will be controlled and managed by Emerald Media and its old CEO and COO structure no longer exists.

Earlier today: Investment firms KKR and The Chernin Group have entered into a partnership to establish Emerald Media, an investment firm to invest in media and entertainment industries across Asia, reports IndianTelevision. KKR will hold a majority in the venture, with its Asian Fund II investing up to $300 million in the initiative, while The Chernin Group will remain as a minority co-investor.

Emerald Media will focus on providing between $15 million to $75 million in funding for controlling stake or a significant minority position in entertainment, digital media and media businesses in Asia. Note that KKR also acquired a significant minority stake in CA Media, the Asian media investment arm of The Chernin Group. Emerald Media will be led by Rajesh Kamat and Paul Aiello as its Managing Directors.

Kamat was appointed as the Group COO of CA Media in March last year. Kamat, who is also the CEO of CA Media in India, reported to Paul Aiello, CA Media Group’s Hong Kong-based CEO, and was responsible for identifying and managing investments for CA Media in Asia. Kamat and Aiello will continue to head CA Media.

Investments in India: CA Media has previously made various investments in India, including in the TV production house Endemol India, niche music and events business Only Much Louder and graphic novel business (read this and this) Graphic India. CA Media had also set up a business in India: an online influencer network called FLUENCE, led by former Dhingana exec Ashish Joshi, which essentially feeds into CA Media’s other businesses by linking it with celebrities.

More recently, CA Media and JetSynthesys launched a celebrity video blogging app called Wakau. The app, available across iOS, Windows and Android devices, uploads content about celebrities, their lives and career etc. for fans to follow, share and comment on.

Other VCs that have raised capital:

– In August, venture capital firm Lightspeed Venture Partners raised $135 million for an India dedicated fund.

– In July, seed-stage fund AngelPrime raised Rs 300 crore from The Social+Capital Partnership and several institutional investors. The firm also rebranded itself as Prime Venture Partners.

– In March, Venture capital firm SAIF Partners raised $350 million for a new India-focused fund from 27 investors.

– Mayfield Fund closed its second India-dedicated fund at $108 million in February.

– Sequoia Capital added another $210 million to its existing $530 million-India fund in April.

– In March again, Accel Partners, the venture capital firm that backed the Flipkart, launched a $305 million India-focused fund to capitalise on favourable conditions for start-ups.

Image source: Flickr user GotCredit