Comcast Promises $20 Million Minority Venture Fund As Part Of NBCU Merger

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As part of its lobbying efforts to get approval — and acceptance — for its pending merger with NBC Universal (NYSE: GE), Comcast (NSDQ: CMCSA) promised U.S. Rep. Bobby Rush in writing today that it will establish a $20 million venture capital fund for minority entrepreneurs to develop “new media content and applications” when the deal closes. The new fund would be part of Comcast Interactive Capital. According to a letter to Rush, timed for today’s congressional hearing in Chicago about the merger, the fund would “facilitate early stage financing of minority businesses.”

Comcast EVP David Cohen told Rush in the letter released by the company that there would be more details about the fund in the fall. The focus of the Chicago field hearing for the Subcommittee on Communications, Technology, and the Internet is “Comcast and NBC Universal: Who Benefits?”

Cohen’s letter also lists ways Comcast promises to expand on its previous diversity pledges, especially when it comes to African-Americans, including at least four of its planned minimum 10 new indie linear digital networks will be majority owned by African-Americans.

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