[Posted on December 11, 2007 - 12:55 PM]
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DiggSteamboat Ventures, the investment arm of the Walt Disney Co., is sinking more money in Internet startups. The Los Angeles venture unit on Monday was the sole investor in a $6 million round for rich-media content delivery network EdgeCast Networks Inc. and in an disclosed round in Scrapblog Inc., a Web-based service for creating and sharing multimedia scrapbooks online. Steamboat also participated in a $20 million funding for Chinese video-sharing site 56.com.
Steamboat has stepped up its pace of investments in Internet technology since Disney CEO Robert Iger, a vocal proponent of digital content distribution, took the reins of the media and entertainment titan in October 2005. The company was one of the first to offer video content through Apple Inc.'s iTunes service and to allow free streaming of its television shows through its ABC.com Web site. - George White
See Dec. 10 story from Tech Confidential
See Dec. 10 press release from PR Newswire
See Dec. 10 post from Paidcontent.org
