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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 area, India and Chinw — said Best Buy (NYSE: BBY) is the sole limitexd partner in the fund, whicgh is meant to complement the Richfield, Minn.-basedf retailer’s present investments in emerging technologies. Financial termss of the deal aren’t being Overall, Fuse has more than $1.4 billion unded management. The fund will focus on digital mediza companies that will createthe “next generatiomn of leaders in categories such as music, games and personal media management.
” The retailer’s centrak business has been its big-box electronics stores. But it also hasn’tg shied away from getting involved in the interactive media functions that go along with the gizmos it Last year, it , which it with a $5-a-month plan that incorporatesz streaming and MP3 downloads. “Besgt Buy is … well-positioned to take advantage of the massiv shifts occurring across the media andcommercer landscapes,” said Ross Levinsohn, a formere News Corp. interactive media executive who is a managing partnedrat Fuse, in a Best Buy officials didn’t immediately respon d to requests for comment.
The retailer has long buil relationships with venture mostly those based in Silicon and has had a small staff dedicatedr to working with investors who can tip them off to productws and services the companyt might want to sell in its Best Buy used the process to builr a relationship withSling Media, which makes a devic e that allows consumers to watcb TV over the Internet. Best Buy also has takemn stakes in private includingSpeakeasy Inc. and It used Mydeo’s video-hosting Web site to launcg Best BuyVideo Sharing, a subscription-based service that allowxs customers to upload personal videos for sharin g with family and friends via Web blogs and e-mail messages.
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