GE, NBC Universal debut $250M media fund

GE, NBC UNIVERSAL DEBUT $250 MILLION MEDIA FUND
[SOURCE: Reuters]
General Electric Co. is launching a $250 million equity fund to invest in media and technology companies, an executive said Monday, part of a broader push by traditional media companies to get into hot areas such as digital advertising or social networks. Adify, a company whose technology helps build and support online ad networks, received the first $3 million investment announced by the fund, which is overseen by NBC Universal and GE Media, Communications and Entertainment. NBC Universal is 80 percent owned by GE (Charts) and 20 percent by Vivendi (Charts). Other investments by the fund will focus on companies developing technologies or businesses that NBC Universal can use in building its digital business, said Beth Comstock, NBC Universal's president of integrated media. The companies would most likely be involved in areas such as advertising services, wireless or digital content, she said.
http://money.cnn.com/2007/04/16/news/companies/bc.ge.fund.adify.reut/