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Exclusive: Comcast's Top Digital Exec Amy Banse to Open New Silicon Valley Equity Fund for Cable Giant and NBC

Kara Swisher — Mon, 15 Nov 2010 08:09:04 +0000

Amy Banse, currently the president of Comcast Interactive Media, is shifting into a job as head of a new Silicon Valley-based equity fund aimed at making digital investments for the television cable giant, as well as its new NBC Universal unit, according to sources with knowledge of the plans.

While most of the attention related to the soon-to-be-completed merger of Comcast with NBC U has been on the musical chairs of its high-profile news and entertainment divisions, this move is potentially significant for the companies by putting a stake in the ground–and a presence–for it on the West Coast.

As part of the shift, sources said, Banse will be charged with combining two existing corporate investment funds: NBC U’s Peacock Equity and Comcast Interactive Capital.

The New York-based Peacock Equity is a $250 million fund that was founded as a joint venture in 2007 by GE Capital and NBC U.

Its investments have ranged from $3 million to $25 million each, including a lot of online advertising start-ups such as Adify and the Rubicon Project.

Comcast Interactive Capital–founded in 1999 and based in Philadelphia, where Comcast’s HQ is–has $500 million under management.

It has focused on broadband, interactive and enterprise businesses.

According to its Web site, “early successful investments” include About.com, CitySearch, Half.com, TiVo, and VeriSign.”

Current investments include SB Nation, BlackArrow and JiWire.

It is not clear how much more money the new still-unnamed equity fund will raise, but it will be aimed at early-stage companies, said sources.

The combined fund will debut by the end of the year or early next year.

Banse’s shift to become a VC comes after many years of leading Comcast’s online strategy, which has included the acquisition of the Fandango movie ticketing site and Daily Candy, an email newsletter.

She has also been in charge of the development and management of Comcast’s many Web sites, including Comcast.net, Xfinity.com and Fancast.

MediaMemo’s Peter Kafka recently reported that the high-profile Banse was moving out of her post, which was being split up into two jobs.

Many thought she would likely depart the company, but it appears she will stay for a while longer at least.

As it happens, Banse will be in San Francisco this week for the Web 2.0 conference, so please be sure to give her a warm welcome and explain “Fear the Beard” to a likely Phillies fan-atic.

And just to get acquainted in advance, here is her bio from the Comcast Web site:

Amy Banse serves as President of Comcast Interactive Media (CIM), a division of Comcast Corporation that is responsible for developing and operating online tools and businesses focused on entertainment, information and communication.

Since founding CIM in December of 2005, Ms. Banse has led Comcast’s online strategy, overseeing the acquisition of Fandango (the movie ticketing site), Daily Candy (the popular email newsletter), Plaxo (the smart contacts site), and thePlatform (the industry-leading provider of digital media publishing solutions) as well as the in-house development and management of, Comcast.net and xFinity.com(Comcast’s portals), Fancast, (a leading tv entertainment site), xFinitytv (Comcast ‘s online video portal), and Swirl (Daily Candy’s sample sales site). In this role, she has grown CIM into an 800 person team with significant digital capabilities and has played a key part in the industry’s development of its TV Everywhere strategy and in Comcast’s execution of that strategy, Fancast/xFinitytv.

Ms. Banse joined Comcast in 1991 as an in-house attorney responsible for programming acquisition. Most recently she served as Executive Vice President of Content Development where she oversaw the development of Comcast’s cable network portfolio including the company’s investments in E! Entertainment Television, The Golf Channel, and VERSUS and the development and launch of G4, PBS KIDS Sprout, TV One and Comcast’s sports networks.

Ms. Banse has represented CIM and Comcast as a featured speaker in venues around the country discussing the rapid evolution of content consumption in a digital world and the opportunities and challenges facing the cable and entertainment industries. She has been named among the “Most Powerful Women in Cable” and the “Top Programmers to Watch” by CableWorld magazine. She has also been named among the Cable 100 by Multichannel News and the Digital Power list, by The Hollywood Reporter. She was honored as a “Wonder Woman” by Multichannel News and Women in Cable Telecommunications (WICT) in 2004, received WICT’s Geraldine B. Laybourne Fearless Award in 2009 and ProMax’s Brand Builder Award in 2010 Ms. Banse sits on the Board of The Morris Arboretum and Springside School for Girls. In 2007 she received “The Distinguished Alumni Award” from Springside School, and in 2006 she was honored by Girls, Inc. as an outstanding role model for girls during their annual Celebration Luncheon. Ms. Banse is also a member of The Forum of Executive Women, the Philadelphia region’s premier women’s organization.

Ms. Banse received a BA from Harvard University and a JD from Temple University Law School. She and her husband and their four children live in Philadelphia.

NBC U's Peacock Equity Bets on Voice Chat Start-Up Vivox

Peter Kafka — Tue, 13 Jul 2010 14:17:51 +0000

Peacock Equity, the joint venture investment fund co-owned by GE Capital and NBC Universal, has invested $2 million in Vivox, which sells “voice chat services for social applications”–i.e., games, virtual worlds, etc. Other investors in the Boston-based company include Benchmark Capital, Canaan Partners, GrandBanks Capital and IDG Ventures. Related question: What becomes of Peacock once the Comcast deal goes through?

NBC U's Peacock Equity Bets on Voice Chat Start-Up Vivox

Peter Kafka — Tue, 13 Jul 2010 14:17:51 +0000

More Money for Ad Tech: Rubicon Project Raises $9 Million

Peter Kafka — Tue, 22 Sep 2009 13:00:21 +0000

Start-ups whose business plans are based on selling advertising are having a very hard time raising money. But start-ups that want to make money by helping other people sell ads? That’s another story.

Today’s example: Rubicon Project, a Los Angeles-based advertising-optimization start-up, has raised a $9 million C round led by Peacock Equity, the joint venture co-owned by GE Capital and GE’s (GE) NBC Universal. This follows a $13 million equity and debt round the company raised just a few months ago. Rubicon has raised $45 million since its 2007 launch.

CEO Frank Addante, whose company helps publishers manage their relationships with advertising networks, says he’ll use the new cash to acquire other ad-tech start-ups. Earlier this month, Rubicon picked up Others Online, a behavioral targeting company.

Keeping a close eye on all of this activity: Google (GOOG), Yahoo (YHOO) and Microsoft (MSFT), all of which are reportedly looking at ad-tech acquisitions themselves.

Exclusive: BlogHer Nabs $7 Million in New Funding

Kara Swisher — Wed, 13 May 2009 11:00:10 +0000

BlogHer, which bills itself as “the community for women who blog,” has gotten $7 million more in a Series C funding, which will bring the total investment in the site to about $15.5 million.

The new round includes a return by two existing investors, Venrock and Peacock Equity, a fund run by GE (GE) and its NBC Universal unit. Azure Capital is joining as a new investor.

In an interview with BoomTown, BlogHer CEO Lisa Stone said the site’s recent fast growth was the impetus for the new round, in order to improve tools offered to its 2,500 vetted bloggers as well as investing in better research and advertising technology.

“This is a true grassroots effort that shows the growing influence of women in social media,” said Stone. “We want to focus on taking advantage of that growth and momentum with this new funding.”

According to the start-up–which was founded in 2005 by Stone, Elisa Camahort Page and Jory Des Jardins and now has 30 employees, located mostly in Silicon Valley–the BlogHer Network reaches more than 14 million unique visitors a month.

Besides the site, BlogHer also runs a popular conference and is hoping to expand its suite of social-networking tools as well as its publishing and advertising network.

“We have been trying to create a place for women to participate in social media with civil respect and also to engage readers,” said Stone.

While it is not yet profitable, Stone added, BlogHer is ahead of its internal financial projections, and “I hope next year I can raise a glass of champagne to meeting that goal.”

4INFO Gets $20 Million

Emily Steel — Thu, 22 Jan 2009 17:07:38 +0000

Mobile marketing network 4INFO plans to announce Thursday that it has received $20 million in venture funding led by Peacock Equity, a joint venture between NBC Universal and GE Commercial Finance’s media, communications and entertainment business.

4INFO works with media companies, including Yahoo (YHOO), IAC/InterActiveCorp. (IACZ) and Gannett (GCI) to provide weather updates, sports scores and other information via text messages that contain small ads. The Silicon Valley start-up sends more text messages in the U.S., by volume, than any other provider, according to Nielsen. 4INFO says it delivers more than 80 million user-requested text messages per month and that its network includes 16 million users.

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Lady Blog Network BlogHer Gives Bloggers a Pay Cut

Peter Kafka — Thu, 11 Dec 2008 18:03:53 +0000

BlogHer, a women’s ad network/publishing network and conference organizer, is cutting the amount it pays to its blog partners by 10 percent. That’s really sort of a double cut, since the blog owners/writers in its network get paid based on the ads BlogHer can sell, and ads are already under pressure.

The only real surprise here is that the BlogHer founders–Lisa Stone, Elisa Camahort Page and Jory Des Jardins–don’t blame the economy for the cuts. Rather, they say that they have to reduce payments because they’re so successful:

When BlogHer’s network was created in 2006, we began with 35 blogs, a few advertisers and a small number of staff members to sell and manage the entire network. Today, BlogHer’s network is more than 2,500 blogs strong, and we’re working with dozens of advertisers each quarter. We have had to grow our technology infrastructure and staff dramatically to keep pace with network growth. Because many of these costs are fixed, expanding our network to compete for Fortune 500 advertisers has been a major investment.”

BlogHer was founded in 2005, and has received funding from Venrock, the Rockefeller family’s VC arm, and Peacock Equity, the JV between GE’s (GE) NBC and GE Commercial Finance.

Here’s the full text of the email from the BlogHer founders to their blog partners:

December 10, 2008
Hi everyone,

This is a long letter, but an important one, so thank you for your attention during this busy time of year. We’re writing to share with you:

* One change that BlogHerAds is making to our contract terms with you, effective January 1, 2009. This change will require your agreement, and instructions will be provided on how to indicate your agreement.

* One change in our payment processes, also effective January 1, 2009

* One new benefit: A new way to receive your payments online, immediately available to all members

This letter explains what the changes are, and how they will affect you.

In the past year, BlogHer expanded and competed for more advertising dollars for your blogs. The good news is that we successfully grew our business in the worst economy in the nation’s history. However, because of the current climate, we need to make some changes so that BlogHer can continue to invest in the resources necessary to recruit the very best advertising for your blogs.

* Contract Change -Your revenue share percentage

When BlogHer’s network was created in 2006, we began with 35 blogs, a few advertisers and a small number of staff members to sell and manage the entire network. Today, BlogHer’s network is more than 2,500 blogs strong, and we’re working with dozens of advertisers each quarter. We have had to grow our technology infrastructure and staff dramatically to keep pace with network growth. Because many of these costs are fixed, expanding our network to compete for Fortune 500 advertisers has been a major investment.

Currently, you get a revenue share of 100 percent of gross advertising fees received by BlogHer. Effective January 1, 2009, we will apply your revenue share to 90 percent of gross advertising fees, thus reducing your revenue share by 10 percent. To document this change, we need to amend the first sentence of Section III.A.3 of our Agreement to read:

For the purposes of this Agreement, the term “Revenue” means the gross fees actually received by BlogHer for Advertising Impressions originating from the Advertising on Partner’s Blog, less an administrative fee equal to ten percent (10%) of the Gross Fees to cover sales commissions, costs associated with serving the advertisements, administrative third party fees, campaign referral fees and other miscellaneous administrative expenses.

Here’s what the difference will mean to individual bloggers:
Currently, on a $10 CPM, a network blogger earns $5 per 1,000 impressions if the number of impressions on the blogger’s site is equal to less than one million. With a 10% deduction from gross revenue to cover our operating costs, a network blogger will now earn 50% of $9.00, or $4.50 per 1,000 impressions. (As always, BlogHer will not take a revenue share on BlogHer house ads or on remnant inventory – 100% of that total revenue will still go directly to you.)

While we have needed to make this change for some time, we held off for as long as possible. We are acting now in order to continue aggressively pursuing new revenue for you and your sites.

What we are asking you to do now:

We have added a section to your BlogHerAds profile with a summary of this change. Please visit your BlogHerAds profile and check the box indicating that you accept these changes to your contract by December 19, 2008. If you have any questions, please don’t hesitate to contact us via our help desk form.

This is an opt-in contract change, so you must indicate your acceptance of these terms. If you do not visit your profile and accept these terms, we will have to suspend ads on your site, starting January 1, 2009, until acceptance is received.

Please accept these changes now by logging into your profile at
https://www.blogherads.com/user/login and clicking the Accept Terms of Service box.

* Payment Process Change – Net 45-days payment terms for each month’s payment of your revenue share

Our contract with you currently allows us to pay your revenue share 45 days from the date we receive payment from our advertisers. We’ve actually been paying you much sooner than we receive payment! BlogHer has consistently sent payments within 30 days following the close of each month for that month’s revenue. As we have scaled in number of both bloggers and advertisers on the network, we need to extend our payment schedule to 45 days from each month’s close, rather than 30 days. This is a more realistic schedule and will allow us to continue to scale, while continuing to get your payment to you more quickly and efficiently than paying you 45 days after we receive payment.

To effect this change, there will be a one-time 45-day gap between your payment for November’s revenue and your payment for December’s revenue. Subsequent to that you will continue to receive a check every 30 days, by the 15th of each month.

Here’s how your payment schedule will look:
Your revenue share for December 2008, which would normally have been received by January 31, 2009, will now be received by February 15, 2009. Going forward, you will continue to receive a check on the 15th of each month for the calendar month prior to the immediately preceding month (as long as you’ve earned or accrued at least $25 by the end of that calendar month.)

Near-term schedule:
November 08 revenue will be paid December 30th
December 08 revenue will be paid February 15th
January 09 revenue will be paid March 15th
February 09 revenue will be paid April 15th
March 09 revenue will be paid May 15th

* New Benefit (optional) – switching from paper checks to electronic payments

Many of you have asked about receiving ad revenue shares via electronic payments. Effective January 1st, BlogHer is making it possible for all members, domestic and international, to select PayPal as a payment option. We have switched to using Mass PayPal, which has the following benefits:

* No charge to you. BlogHer covers the entire surcharge for using Mass PayPal

* Using PayPal eliminates paper checks, and any inefficiencies with the U.S. Postal Service or if you should move physical addresses

If you are interested in switching to PayPal, you may choose the PayPal option of payment, along with entering your PayPal email address, by logging into your profile and going to Your account > Edit > About You, and selecting either check or PayPal under the Payment Preference header.

This change is optional and offered as a service to our bloggers. We hope it is good news to many of you! Please let us know if you have any questions about PayPal payment of your BlogHer Network revenue share.

As 2008 comes to an end, we are thankful for our partnership with each of you and proud of the pioneering publishing network for writers that we are building together. We and the entire BlogHer team will be working very hard to make 2009 a year of continued growth.

Best,

Elisa, Jory and Lisa