NBCUniversal invested $500 mn in Snap Inc

Company has reportedly agreed to hold Snap's shares for at least a year

Comcast's NBCUniversal said on Friday it had invested $500 million in Snap Inc as it continues to spend heavily on digital media companies.

Snap's shares jumped 8.6 per cent to $26.59 in early trading. The company finished its first day of trading with a 44 per cent gain compared to its IPO price of $17.00. The investment was made as a part of the Snapchat owner's initial public offering, NBCUniversal Chief Executive Steve Burke said in a memo to employees.

Earlier, CNBC reported that Snap's stock allocation to NBCUniversal seems to be the only one made to a new strategic investor, making