NBC Invested $500 Million in Snap’s IPO
Sat Mar 04 2017
Julie Young (526 articles)

NBC Invested $500 Million in Snap’s IPO

NBCUniversal, a unit of Comcast Corp, invested $ 500 million in Snap Inc during its IPO as part of a strategic investment and partnership, CNBC reported on Friday, citing sources familiar with the matter.

Snap’s shares were up 3.5 percent at $ 25.32 in premarket trading. The company finished its first day of trading with a 44 percent gain compared to its IPO price of $ 17.00.

Snap’s stock allocation to NBCUniversal seems to be the only one made to a new strategic investor, making NBCUniversal the only U.S. media company with a stake, according to the CNBC report.

NBCUniversal has agreed to hold the shares for at least a year, CNBC reported.

Comcast has pumped heavily into digital-native companies such as BuzzFeed and Vox Media, partly in an effort to better service existing advertisers.

Snap and NBCUniversal did not respond to requests for comment.

Julie Young

Julie Young

Julie Young is a Senior Market Reporter and Analyst. She has been covering stock markets for many years.

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