NEW YORK — Bear Stearns hired Clifford Friedman, a senior VP at Universal Studios, to set up a new media and communications venture capital effort, the firm said Wednesday.

Friedman is a former Wall Streeter who worked at Bear in the late 1980s as an analyst covering technology and media. In 1995 he left Wall Street and joined NBC, where he was VP of strategic development before switching to Universal at the start of 1996.

Bear Stearns said the venture capital effort would “focus on investments in the areas of intellectual property, content creations, communications and technology.” A spokeswoman declined to comment on the size of the venture capital fund, which is in the process of being raised.

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