Best Buy to invest in digital media fund

Best Buy is investing a new digital media investment fund, managed by Fuse Capital, in the hopes of finding the next digital media start-up.

According to The New York Times, Best Buy is investing in the start-up to better position itself in the digital entertainment space.

“We’re trying to change what the solutions are for our customers and change the direction of our company and get involved a lot more in what’s happening in digital entertainment as an active participant, rather than a passive participant,” sMichael Vitelli, EVP customer operating groups at Best Buy, told The Times.

Fuse Capital is said to be looking for start-ups that offer games, mobile applications, photo and music sharing, online video and personal media management, the report said.