iWorld
NewQuest buys out Emerald Media’s majority stake in Cosmos-Maya
Mumbai: Indian animation major Cosmos-Maya on Monday announced that Hong Kong-based NewQuest Capital Partners (NewQuest) has acquired a majority interest in it from Emerald Media, an investment platform backed by KKR. The company has not disclosed the terms of the transaction, but The Economic Times reported that the deal values the Ketan and Deepa Mehta promoted studio at $90 million.
Having gained significant market share in India, the animation company is aggressively expanding its operations in the western markets producing several successful TV series, shows, and independent feature films for leading platforms in Europe and the US. The company has also become one of the largest providers of animated content to leading edtech players in India and the US.
Said Ketan Mehta: “Cosmos-Maya has had a phenomenal journey of 25 years in animation and has grown by leaps and bounds during this period. The partnership with Emerald Media heralded a strong growth era for us. I am very happy that we are now getting a partner in NewQuest. The partnership marks yet another important chapter in the global journey of our studio, which is poised for accelerated growth.”
“Cosmos-Maya has been one of the most dynamic companies in this segment with a remarkable growth trajectory, ” said NewQuest partner & head of India & southeast Asia Amit Gupta. “With a portfolio of over 20 IPs and a highly talented team, we strongly believe that Cosmos-Maya is exceptionally well placed to consolidate its leadership position in the segment.”
“We are privileged to have worked closely with Ketan and Anish (Mehta- the current CEO of Cosmos Maya) over the years to support Cosmos-Maya’s journey in becoming a leading animation studio in India and the wider region,” said Emerald Media MD Rajesh Kamat. “Emerald Media has leveraged our industry expertise and the strength of our platform to help the company establish a solid foundation to expand its footprint in India and across the globe. Cosmos-Maya has shown a robust growth trajectory on the back of its creative and innovative IPs through the years, and we are confident that the company will continue its success in the future with NewQuest.”
“This is a new and interesting chapter for us as we look at larger markets and newer challenges,” said Anish Mehta. “Emerald Media has been a great support in our growth story and now this investment from another great investor like NewQuest is a testament to our market leadership and strong operating performance. We are excited to bring NewQuest on board as we embark on our next growth phase to become a fully integrated, global animation production and distribution company. Their experience, network, and industry knowledge will help supercharge our growth, organically and through strategic acquisitions.”
GCA acted as an exclusive financial advisor to Cosmos-Maya and its shareholders. SNG & Partners and Cyril Amarchand Mangaldas acted as legal advisors, and EY and BDO acted as due diligence and transaction tax advisors.
The Economic Times reported that Emerald Media’s exit gave it a 3X-4X ret return on its investment it made in Cosmos-Maya in 2018. Today the latter is producing anywhere between 18-20 animation shows for local and international broadcast networks; some of which are being co-produced.
iWorld
Rusk Media announces Battleground Season 2 on Amazon MX Player
Fitness reality show returns in April 2026 with bigger challenges and mentors.
MUMBAI: The arena is reopening and this time the competition promises even more sweat, strategy and spectacle. Rusk Media has confirmed the return of its fitness reality format Battleground for a second season, set to stream on Amazon MX Player from April 2026. The announcement follows the breakout success of the show’s debut season, which positioned itself as a high energy blend of sport, strategy and reality television. Season 1 brought together 16 contestants for a 28 day test of endurance and discipline, as aspiring athletes and fitness enthusiasts competed in physically demanding challenges and team based battles.
Divided into four teams, the participants trained under a panel of mentors drawn from the fitness and lifestyle space, with former Indian cricketer Shikhar Dhawan serving as the show’s Super Mentor.
The format quickly found an audience among digital viewers and was listed among the most binged titles on Amazon MX Player. The show also picked up industry recognition, winning the “Most Popular Non Fiction Show” honour at the IWMBuzz Digital Awards 2025.
The first season also drew a slate of brand partnerships, including Honda Bigwing, Charged, American Pistachio Growers, Bigmuscles Nutrition, Ritebite Max Protein, Plix and Sparsh CCTV, highlighting the show’s appeal to brands targeting India’s rapidly growing youth and fitness audience.
For Season 2, the producers say the format will evolve with tougher physical challenges, a sharper competitive structure and deeper mentor involvement while continuing to focus on discovering the next generation of Indian fitness personalities.
Rusk Media, chief executive officer and co founder Mayank Yadav said the first season proved the appetite for competitive fitness storytelling. “Battleground was always envisioned as more than a show. Season 1 demonstrated that there is a massive audience for aspirational fitness competition at scale. With Season 2 we are going even bigger in ambition, intensity and opportunities for contestants and partners,” he said.
Rusk Ads lead Rahul Arora added that the series has also evolved into a strong platform for brand integration and advertiser engagement. “Season 1 showed that Battleground is not just compelling content but a powerful brand ecosystem. As we move into Season 2, we are looking to deepen brand collaborations and build more integrated partnerships,” he said.
With a larger format, an expanding fan base and a new season set to arrive in April 2026, Battleground is positioning itself as one of India’s emerging fitness reality franchises in the digital entertainment space.
