The firm is raising an initial 30 million pounds from investors and will look for targets in the United States, Europe and the United Kingdom.

Gloo is backed by asset management and corporate finance group Marwyn. On Monday another listed Marwyn-backed investment vehicle, Zegona (>> Zegona Communications PLC), bought Spanish cable operator Telecable for $706 million including debt in its first deal.

Gloo is seeking consumer brands in the media sector with an enterprise value of between 250 million and 1 billion pounds.

Mergers and acquisitions in the media sector have reached $178.8 billion so far this year, up 16 percent on last year, according to Thomson Reuters data. Last week Pearson (>> Pearson plc) agreed to sell the Financial Times newspaper to Japanese media group Nikkei, and is in talks to sell its 50 percent stake in The Economist to the weekly paper's other shareholders.

The company will be headed by Rebecca Miskin, formerly a digital strategy director at Hearst Magazines UK, and Juan Lopez-Valcarcel, Chief Digital Officer for Pearson International.

(Reporting by Freya Berry, editing by Louise Heavens)

Stocks treated in this article : Pearson plc, Zegona Communications PLC