Comcast’s NBCUniversal put USD 500 million into Snap’s initial public offering, CNBC reported, citing an internal memo from NBCU CEO Steve Burke. The investment makes NBCUniversal the largest US media company to invest in Snap.
On their first day of trading, Snap shares jumped 44 percent above their offering price, closing at USD 24.48 and valuing the company at USD 34 billion, the Wall Street Journal reported.
Burke said NBCUniversal will continue to be “aggressive” in the digital space. The company recently formed a digitally focused business development group under longtime Comcast executive Maggie Suniewick, who now serves as president of digital enterprises at NBCUniversal. “With the Snap investment, we have invested over USD 1.5 billion in promising digital businesses in the last 18 months,”
