Bronfman, now a managing partner at New York-based private equity firm Accretive LLC, is starting a venture firm with veteran investor Daniel Leff. The new firm, Waverley Capital, aims to raise a debut fund of about $100 million, targeting media investments. Last year, venture capitalists spent just $1.3 billion investing in media companies, about 2 per cent of the capital deployed to all U.S. startups, according to data from the National Venture Capital Association and PitchBook. “There’s almost no money in Silicon Valley going toward media,” Bronfman said. During a difficult time for the music industry, Bronfman had some wins at Warner Music, including a speedy embrace of digital music sales.

Source: thestar October 30, 2017 17:26 UTC