TW sets up digital fund

Deals will be made using $500 mil investment stash

Time Warner on Wednesday announced the creation of a new Time Warner Digital Media investment fund to identify and evaluate digital media opportunities. The fund has a $500 million purse to spend on deals.

The six-month-old Time Warner digital unit already has invested in companies including Replay Networks, OpenTV, Intervu, WebMD, Fortune City and Bolt. The fund adds “a new degree of efficiency and strategic direction by taking a coordinated portfolio approach to our digital media investments,” said division chairman-CEO Rich Bressler.

Time Warner chair-CEO Gerald Levin had identified the digital arm as a channel for new-media and technology investments in a year-end letter to staff. (Daily Variety, 12/15).

News Corp. established a $300 million technology fund earlier this year as all the biggest media and entertainment companies look to join venture capital groups and private investors in a race to pick winners among burgeoning high-tech, digital and Internet-related groups.

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