Best Buy this week announced plans to start an investment fund, aimed at investing in digital media.
The new venture is meant to "seek to leverage the scale and scope of the multinational consumer electronics retailer to help drive growth and enhance performance of the portfolio companies... as a complement to Best Buy’s current digital media and emerging technology investment activity," the company said in a statement announcing the move.
The fund will be managed by Ross Levinsohn, a former executive with News Corp's Internet arm. He will be assisted by Jonathan Miller, another News Corp. veteran. The new fund is part of a joint venture between Best Buy and Levinsohn's firm, Velocity Interactive Group, which will now be known as Fuse Capital.