Bloomberg
James Murdoch, Shankar Weigh SPAC, acquires Asian media company
(Bloomberg) – James Murdoch’s investment firm Lupa Systems LLC and a former Asian executive at The Walt Disney Co. are considering a special purpose vehicle fundraising plan, as those familiar with the matter said, the former chairman of 21st Century Fox Inc. and Uday Shankar, the former president of Walt Disney Asia Pacific, are looking for a blank check to buy Asian companies in sectors like media and technology as the information is not public. The joint venture is looking for consultants and potential investors in the SPAC. You are considering listing the vehicle in the US, one of the people said. The deliberations are in the early stages and details of the potential SPAC, including the venue, may change, people said. Shankar and a representative from Lupa declined to comment. Lupa and Shankar announced a partnership in January to seek growth opportunities in emerging markets. Billionaire Rupert Murdoch’s 48-year-old son stepped down from the News Corp board of directors last July. out citing differences of opinion with the publisher. Lupa came to India less than two years ago and has built a portfolio of technology investments, it said. Read more: James Murdoch’s Lupa Forms Venture with Ex-Disney Executive Murdoch and Shankar previously worked at Star India, which became the largest media company in the country prior to Walt Disney’s acquisition of part of the assets of 21st Century Fox, including Star Year 2019. Shankar worked for Disney’s Asia-Pacific unit after the deal but left the company in December last year. Investors plowed $ 83 billion in 248 SPACs in the US last year, according to Bloomberg data. The trend is advancing rapidly across the globe. In recent months, blank check companies have sprung up to focus on destinations in Asia or with regional ties. Hong Kong billionaire Richard Li founded a $ 595 million SPAC with PayPal Holdings Inc. co-founder Peter Thiel. Former Morgan Stanley India boss Narayan Ramachandran’s SPAC raised around $ 173 million in January and plans to partner with a technology company run by members of the Indian diaspora. You can find more articles like this at bloomberg.com. Subscribe Now Stay up to date with the most trusted business news source. © 2021 Bloomberg LP
