Comcast is folding Comcast Ventures into its corporate business development unit led by Sam Schwartz.
Comcast is beginning the process of speaking with Comcast Ventures partners to determine who will stay with the fund as its strategic focus narrows to investments that support Comcast initiatives.Brian Roberts, Chairman and CEO of Comcast's business development division and shifting its strategy to focus only on strategic investments.
Partners were informed of the change this week, according to people familiar with the matter, who asked not to be named because the discussions were private. While Comcast Ventures will continue to operate under Comcast chief business development officer, it will no longer invest in a broad array of companies, instead focusing only on startups that can support Comcast initiatives.
"Comcast Ventures has been a valuable innovation pipeline, providing insight into adjacent industries and investment opportunities" a spokesperson told CNBC. "We are aligning our approach to venture investing more closely with our business units and repositioning Comcast Ventures under the strategic business development team at Comcast Cable.