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Fox backs social broadcasting platform, new venture with $100M investment

21st Century Fox Inc.-backed social broadcasting platform Caffeine Inc. and a newly formed venture called Caffeine Studios with a combined $100 million investment.

Caffeine Studios, which is jointly owned by FOX Sports and Caffeine, will work with FOX Sports to create exclusive esports, video game, sports, and live entertainment content for Caffeine's next-generation social broadcasting platform. Also, Lachlan Murdoch, 21st Century Fox's executive chairman, will join Caffeine's board.

21st Century 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 21st Century Fox and Walt Disney Co.

Further, Caffeine signed a content agreement with Live Nation Entertainment Inc. to bring live music concerts to the social broadcast platform in the fourth quarter.

Partners, including Andreessen Horowitz and Greylock Partners, also invested in Caffeine.