NEW YORK (TheStreet) -- Shares of Comcast (CMCSA) were lower in early-afternoon trading on Friday as its subsidiary NBCUniversal is investing another $200 million in digital media company BuzzFeed, Recode reports, citing sources.
The new investment values BuzzFeed at about $1.7 billion, sources said, according to Recode.
Last year, NBC made a $200 million investment in BuzzFeed, saying that it would explore strategic partnerships with the business.
BuzzFeed's website gets more than 200 million monthly unique visitors.
BuzzFeed CEO Jonah Peretti recently said the company is looking to venture into TV programming, Bloomberg reports.
The move represents NBC's latest effort to reach millennial viewers that are increasingly abandoning traditional pay-TV services.
NBC also invested $200 million in digital media company Vox Media last year, Recode noted.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Comcast as a Buy with a ratings score of A-. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and solid stock price performance. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: CMCSA
