Comcast Promises $20 Million Minority Venture Fund As Part Of NBCU Merger
As part of its lobbying efforts to get approval—and acceptance—for its pending merger with NBC Universal ( NYSE: GE ), Comcast ( NSDQ: CMCSA ) promised U.S. Rep. Bobby Rush in writing today that it will establish a $20 million venture capital fund for minority entrepreneurs to develop “new media content and applications” when the deal closes. The new fund would be part of Comcast Interactive Capital. According to a letter to Rush, timed for today’s congressional hearing in Chicago about the merger, the fund would “facilitate early stage financing of minority businesses.”