Best Buy, Velocity Interactive Team on Digital Media Fund

Authored by Mark Hefflinger on May 28, 2009 - 8:02am.

Los Angeles - Electronics and media retail store chain Best Buy (NYSE: BBY) announced on Thursday that it has partnered with venture capital firm Velocity Interactive Group to form a new digital media fund, which will invest in companies involved in digital music, video, games and personal media management.

Velocity, which also announced it is changing its name to Fuse Capital, said the deal marks its expansion into strategic equity management.

The firm said it will work closely with Best Buy on digital media strategies and support the company's existing digital assets, which include Napster.

"This partnership is another example of how we strive to be at the forefront of consumers' entertainment and digital lives," said Mike Vitelli, executive vice president of customer operating groups at Best Buy.

http://www.fusecapital.com

http://www.bestbuy.com