GE Media, Communications & Entertainment, a unit of GE Commercial Finance, and NBC Universal today announced they have launched a $250 million equity fund to invest in media and technology companies with high growth potential. The fund will focus on companies developing technologies, platforms, or business models with a strong strategic fit with NBC Universal in a wide range of areas, including advertising services, wireless, digital content and communities, and international platforms.GE Media, Communications & Entertainment and NBC Universal also announced they have invested $3 million in Adify, an early stage company based in San Bruno, California. Adify’s unique automated technology represents a breakthrough in serving ads online.
“Just as digital technology drives the convergence of media, communications, and entertainment, it’s creating demand from our customers in these industries for investors who can provide financing and operational solutions,” said Michael Chen, President and Chief Executive Officer, GE Media, Communications & Entertainment. “By partnering with NBC Universal, we’re combining their media and distribution capabilities with our investment expertise to deliver these solutions.”
“In this rapidly changing environment new technologies and new business models emerge every day. This fund gives us an opportunity to participate in the development of cutting edge technologies and to help shape the future of our industry,” said Beth Comstock, President, Integrated Media, NBC Universal. ”We believe in the ad network model, and Adify is a true leap forward in online ad serving technology. Vertical networks are emerging as an important way to develop scale for our marketing clients.”
Adify was founded in 2005 by a group of online advertising pioneers from Flycast Communications, one of the original online ad networks. Adify technology sets up online ad networks by – for the first time - automating management, tracking, reporting, billing, and payment systems. Networks are built around categories ranging from sports to tax season and card games to pet ownership. By combining a large number of sites into one network, publishers can offer their advertising partners highly targeted communities of readers and a greater volume of ad inventory. NBC Universal has seen first-hand the promise of this model with the success of its Healthology vertical ad network, and the company is exploring ways to use Adify’s technology.
The fund will target investments ranging from approximately $3 million to $15 million each. The fund’s management team will work closely with NBC Universal’s businesses to evaluate promising opportunities.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work – a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s website at www.ge.com
About GE Media Communications & Entertainment
With nearly $8 billion in assets and offices in Atlanta, Chicago, Hong Kong, London, Los Angeles, New York, Norwalk and San Francisco, the Media, Communications & Entertainment business is a global strategic partner to the media, communications & entertainment industries and the technologies that enable them. We bring GE’s full resources and financial strength to each relationship, while delivering industry expertise and flexible financing solutions that maximize stakeholder value. For more information, please visit www.geMCE.com
About NBC Universal
NBC Universal is one of the world’s leading media and entertainment companies in the development, production, and marketing of entertainment, news, and information to a global audience. Formed in May 2004 through the combining of NBC and Vivendi Universal Entertainment, NBC Universal owns and operates a valuable portfolio of news and entertainment networks, a premier motion picture company, significant television production operations, a leading television stations group, and world-renowned theme parks. NBC Universal is 80% owned by General Electric and 20% owned by Vivendi.
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