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Bertelsmann Forms $63 Million Venture Fund; Sarnoff Heading It

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We missed this one last week: After a quiet few years on the new-media front, Bertelsmann is jumping into digital investment game, mirroring the rise of strategics in the digital media game: it has formed a $63 million VC fund and tapped Richard Sarnoff, who is also the president of Random House Ventures (investing there in digital media as well). The Bertelsmann Digital Media Investments could buy a startup outright, but most of the time the investment will likely take the form of a minority stake…the fund is based out of Luxembourg.

Sarnoff wasn’t specific about the projects in which the fund may invest but said investments are more likely to be in sectors where digital penetration has lagged, like print media and television, as opposed to music, the story says.