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article imageNBC just made over $200 million from Snapchat in a single day

By Business Insider     Mar 3, 2017 in Business
NBCUniversal invested a whopping $500 million in the initial public offering of Snapchat's parent company, Snap Inc., as "part of a strategic investment and partnership," CNBC's Andrew Ross Sorkin first reported Friday.
Business Insider independently confirmed that figure.
After Snap's stock popped 44 percent on day one, that stake is worth about $720 million, a cool $220 million up. Not bad for a single day.
As Sorkin noted, NBC appears to be the only media company with a strategic stake in Snap so far — the other strategic investors are the tech companies Alibaba and Tencent.
But it certainly isn't NBC's only big strategic investment in digital media. In a note to employees that was obtained by Recode's Peter Kafka, NBCUniversal CEO Steve Burke said the Snap investment fit into a $1.5 billion push into digital businesses. The company invested in BuzzFeed for the second time late last year, bringing its total to $400 million in the company, and it has put $200 million in Vox.
NBC courted Snap CEO Evan Spiegel "for the past year," CNBC reported. The companies also worked together (with BuzzFeed as well) on the Olympics, which snagged a massive 2 billion Snapchat views.
"Evan Spiegel and his talented team have done an outstanding job building Snap into an extremely innovative and relevant company, attracting a massive, dedicated and young audience," Burke wrote.
NBC has agreed to hold the shares for at least a year, according to CNBC.
This article was originally published on Business Insider. Copyright 2017.
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