Global investment firm KKR and Chernin Group formed Emerald Media, a new vehicle to fund investments capitalizing on fast-growing opportunities in the media and entertainment industries across Asia. KKR has committed up to $300m to the Emerald Media platform from its KKR Asian Fund II and The Chernin Group will join as a minority co-investor. Joseph Y. Bae, Member of KKR & Managing Partner of KKR Asia, said, "The growing middle class in the region is using its discretionary income on Internet connectivity, but the industry itself is fragmented. Investing behind proven leaders in industries with high growth potential and partnering with them to grow their business is a cornerstone of KKR's Asia strategy. We look forward to working with experienced media leaders Rajesh and Paul in this dynamic sector."