Comcast’s NBC Invested $500M in Snapchat

CNBC is reporting that its parent company, NBCUniversal, put $500 million into Snapchat in a strategic partnership.

Snapchat and NBC logos

Thursday was the date of the IPO for Snap, the parent company of the popular Snapchat app. It was the largest U.S. IPO since 2014, and the IPO price gave the company an initial market capitalization of $19.7 billion.

One of the companies that invested in Snap was a division of Comcast, NBCUniversal. In an exclusive report, another division of Comcast (CNBC) reports that NBCU invested $500 million in Snap.

The $500 million investment is part of a strategic partnership with Snap. Comcast has bought into multiple digital companies in recent years, spending $400 million on Buzzfeed and $200 million on Vox.

CNBC reported that Comcast agreed to hold the shares for at least a year. A Comcast division previously worked with Snap in a partnership with Buzzfeed during the Rio Olympics. NBC has several shows (“shows”) on Snapchat, including The Voice, Saturday Night Live, and E! News’s The Rundown.