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Opera invests $30mn in entertainment company StarMaker

IANS  |  New Delhi 

browser provider announced a strategic investment of $30 million into US-based music and entertainment company -- -- to accelerate growth and explore shared opportunities for both the enterprises, an official statement said here on Tuesday.

With an engaged user base in India, and the Middle East, lets users record and share their own music videos, allowing them to collaborate, connect and follow other musicians and users on the

As part of the deal, has acquired an ownership stake of 19.35 per cent in along with an option to increase its ownership to 51 per cent in the second half of 2020, the company said in a statement.

"StarMaker complements our existing content platform 'News' and we are extremely excited to invest in the company," said Frode Jacobsen, Chief Financial Officer, Opera.

Following this investment, Yahui Zhou, of Opera would continue to hold 65.78 per cent of the outstanding equity interests in StarMaker.

Opera's Board of Directors obtained a valuation analysis from an independent third-party prior to the approval of this transaction, the company added.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 10:58 IST
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