NBCUniversal, a unit of Comcast and parent of CNBC, invested $500 million in Snap during its IPO as part of a strategic investment and partnership, according to sources.
The stock allocation by Snap to NBCUniversal appears to be the only one made to a new strategic investor, which would make NBCUniversal the only U.S. media company with a stake. Other companies could buy shares in the open market.
The investment is the latest in a series of aggressive bets in digital media by NBCUniversal under Steve Burke, its chief executive. He has made investments in digital media assets including $400 million in Buzzfeed and $200 million in Vox. The company recently acquired SportsEngine, a digital business for youths involved in local team sports. It also bought Awesomeness TV, which has a big presence on YouTube as part of its deal for DreamWorks. In total, NBC has spent about $1.5 billion on digital assets in the past 18 months.