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

pulse

March 3, 2017 2:12 PM

NBC Universal invested a whopping $500 million in Snapchat parent company Snap's IPO, as "part of a strategic investment and partnership."

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NBC Universal invested a whopping $500 million in Snapchat parent company Snap's IPO, as "part of a strategic investment and partnership," sources told CNBC's Andrew Ross Sorkin.

After Snap popped 44% on day one, that stake is worth around $720 million, a cool $220 million up. Not bad for a single day.

Sorkin noted that NBC appears to be the only media company with a strategic stake in Snap so far (the other strategic investors are tech companies Alibaba and Tencent).

But it certainly isn't NBC's only big strategic investment in digital media. In a note to employees, obtained by Recode's Peter Kafka, NBCUniversal CEO Steve Burke said this investment fit into the company's $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 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 views.

NBC has agreed to hold the shares for at least a year, according to CNBC.

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