Comcast sets up $100 mil for e-commerce
Cabler Comcast Corp. has formed Comcast Interactive Capital Group, an indie unit to invest and manage $100 million in new Internet-based operations.
The move, announced Wednesday, formalizes the Philadelphia-based company’s interest in Internet investment, which in the past two years has pumped funds into online firms, including reference search services Biztravel.com, CitySearch, Infonautics and Ticketmaster.
Microsoft Corp. has a $1 billion stake in Comcast.
According to Brian L. Roberts, prexy of Comcast, CICG will invest in new technologies that will leverage Comcast’s broadband platform, content and e-commerce business, similar to Ticketmaster and its IQVC online businesses.
Julian A. Brodsky, current vice chairman of Comcast, will head the new venture as chairman of CICG.
“We are interested in funding the development of Internet-related companies that will provide the next generation of interactive and e-commerce technology, tools, applications and content,” Brodsky said. “Hopefully, a number of these investments will mature into operating opportunities for Comcast.”
Comcast, the fourth largest cable TV company with 4.5 million cable customers nationwide, provides programming through its majority-owned subsidiaries QVC, E! Entertainment, Comcast SportsNet and other investments including the Golf Channel, Speedvision and Outdoor Life.