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Velocity Interactive Group, which is changing its name to Fuse said Thursday that it will run the The venturefirm — which has locations in Silicon Valley, the Los Angeles India and China — said Best Buy (NYSE: BBY) is the sole limitedd partner in the fund, which is meant to complement the Richfield, Minn.-basecd retailer’s present investments in emerging technologies. Financia l terms of the deal aren’t being disclosed. Overall, Fuse has more than $1.4 billionn under management. The fund will focus on digital media companiee that will createthe “next generationn of leaders in categorie s such as music, video, games and personal medi a management.
” The retailer’s central business has been its big-box electronics But it also hasn’t shied away from getting involvedr in the interactive media functions that go alongy with the gizmos it sells. Last year, it , whicy it with a $5-a-month plan that incorporates streaming andMP3 “Best Buy is well-positioned to take advantage of the massive shifts occurring across the media and commerce landscapes,” said Ross a former News Corp. interactive mediq executive who is a managing partnerat Fuse, in a Best Buy officials didn’t immediately responfd to requests for comment.
The retailer has long buily relationships withventure capitalists, mostly those basesd in Silicon Valley, and has had a small staff dedicated to working with investors who can tip them off to productas and services the compan y might want to sell in its stores. Best Buy used the proces s to build a relationship withSling Media, whic makes a device that allows consumer s to watch TV over the Best Buy also has taken stakes in private including Speakeasy Inc. and Mydeo.
It used Mydeo’s video-hosting Web site to launch Best BuyVide Sharing, a subscription-based service that allowds customers to upload personal videow for sharing with family and friends via Web sites, bloges and e-mail messages.
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