21st Century Fox invests $100 million in so-called social broadcasting platform

21st Century Fox has invested $100 million in Caffeine, a broadcasting platform that aims to help users find and share content based on their own social circles, and a newly formed venture called Caffeine Studios, the company announced Wednesday. The studio, jointly owned by Fox FOXA, +0.09%FOX, +0.00% Sports and Caffeine, will create e-sports, video game, sports and live entertainment content for Caffeine’s so-called social broadcasting platform, the companies said. "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 e-sports, video gaming and entertainment," said 21st Century Fox’s executive chairman, Lachlan Murdoch, who will join the Caffeine board. 21st Century Fox shares have gained 31% so far this year, while the S&P 500 SPX, -0.46% has gained 8.3%.

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