Comcast to make its venture capital firm part of corporate business division

(Reuters) – Comcast Corp said on Friday its corporate venture capital firm, Comcast Ventures, will become a part of its strategic business development team at its cable segment.

“We are aligning our approach to venture investing more closely with our business units and repositioning Comcast Ventures and its fund under the strategic business development team at Comcast Cable,” the company said in a statement.

The news, first reported by CNBC, comes more than two weeks after the media giant posted strong third-quarter revenue, benefiting from customer additions for broadband that offset weakness in its theme park and filmed entertainment businesses.

(Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur)