As peHUB first reported last week, Hollywood talent agency William Morris is launching a seed-stage digital media fund. It’s being done in partnership with Silicon Valley venture firms Accel Partners and Venrock, with AT&T is serving as the primary limited partner. An official announcement is expected tomorrow.
The New York Times has more color, and says that the fund will be in the “tens of millions of dollars.” I’ve been hearing anywhere from $30 million to $50 million, which is significantly smaller than the $150 million to $200 million being raised by rival talent agency CAA (in partnership with DFJ and two ex-Palomar Ventures pros).
In case you’re wondering, this is really a no-brainer for all involved:
- For William Morris, the fund will provide new avenues of exposure and work for clients. During the recent writer’s strike, for example, certain digital media startups hired writers who otherwise would have been working at studios.
- For the Valley-based venture firms, William Morris will provide better visibility into Hollywood. It also will help provide access to a talent pool for their digital media portfolio companies.
- For AT&T, this is just part of the natural progression all carriers are trying to make toward content provider.
Now all they have to do is make some money…