Investment Profile

Emerging Media Opportunity Fund


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Managed by the Media Development Investment Fund, the Emerging Media Opportunity Fund provides affordable debt financing to established independent news media in frontier and emerging markets.
People in a meeting.
Staff discuss infographics at Katadata, a digital media company and investee of EMOF, in Jakarta, Indonesia, on July 10, 2018. © Arief Kamludin/Katadata
Type Direct
Geography Global
Date 2017

Theory of Change

The Emerging Media Opportunity Fund (EMOF) provides expansion capital to independent media companies—radio, television, and digital media—to help them succeed in a rapidly changing media environment. EMOF helps its investees develop new products and platforms and experiment with reaching new audience segments.


EMOF is a $12.9 million private equity fund investing in early- to mid-stage growth independent media companies in Asia, Africa, and Latin America. The fund is managed by Media Development Investment Fund (MDIF).

Challenge and Context

Independent media face a range of challenges including fractured audiences, new laws intended to undermine press freedom and limit journalists' reporting, and tech platform algorithms that elevate misinformation and clickbait over facts and quality. These trends have exacerbated the difficulties of an industry still navigating digital transformation.


EMOF investees will provide audiences with the essential news, information, and debate that people need to build free, thriving societies.

Expected Outcomes

  • Investee businesses are more sustainable (e.g. increased audience reach; increased advertising sales) 
  • Investees have a positive impact on their societies (e.g. increased reporting on corruption scandals; and reporting on government promises) 


SEDF seeks to defend and strengthen independent media institutions globally that provide civic news and information, as well as enrich public debate.