(Reuters) - 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. http://cnb.cx/2mlOnXB
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.
Comcast's shares were marginally higher before the bell.
(Reporting by Narottam Medhora in Bengaluru; Editing by Maju Samuel)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
