Liberty backs Malaysia’s iflix
March 7, 2017
Liberty Global and Zain, the Kuwait-based telecommunications operator, are investing in iflix, a Malaysian provider of streaming content.
Liberty and Zain, along with existing shareholders Sky venture capital firm Catcha Group and Los Angeles-based merchant bank Evolution Media Capital, invested $90 million in iflix, the companies announced Tuesday. The companies did not disclose how much each invested.
A Liberty spokesman declined to comment on the size of its investment. An e-mail to Zain was not immediately returned Liberty and Zain are investing in iflix at a time when more people are watching their favourite shows and movies online.
Two-year old iflix, which has 4.5 million customers, is hoping to be what Netflix is in the United States to viewers in emerging markets, who mainly use their phones to watch shows and movies, Patrick Grove, CEO of Catcha Group and founder of iflix, told Reuters last week.