Thinking about shaking up the digital media industry? Best Buy (BBY) might want a piece of the action. The electronics retailer is launching a new digital fund with Fuse Capital, formerly Velocity Interactive Group.
(That’s the fund that was recently run by ex-AOL CEO Jon Miller, who is now News Corp.’s digital boss, and is still run by Ross Levinsohn, who used to be News Corp.’s digital boss.)
What’s the point? You saw what happened to Circuit City. Best Buy needs to get with the times, and adding digital assets is part of the plan. It’s already purchased Napster’s guts and Speakeasy, an Internet service provider. Investing in your company could be next.
And Best Buy could be an especially valuable investor if it can be a marquee partner, too — perhaps if your plan includes any sort of mass distribution or retail elements.