NBC Invests in Snap! Inc, Appoints Edmond Sanctis as Chief Operating Officer

NBC, a subsidiary of General Electric Co, has taken a 19% stake in Snap! Inc's online service, citing plans to potentially buy up to 60% of the company. To oversee this new venture, NBC has appointed Edmond Sanctis as chief operating officer, a new position reporting directly to CNet's CEO Halsey Minor. Sanctis, a veteran of MSNBC and NBC Online Ventures, will work alongside other high-ranking NBC executives, including five on Snap's board and several moving to the company as part of the deal.

Key Takeaways:

• NBC has acquired a 19% stake in Snap! Inc's online service for $6m, with the option to purchase up to 60% of the company.
• Edmond Sanctis, a senior VP at NBC, has been appointed as the chief operating officer of Snap, a new position reporting to CNet's CEO Halsey Minor.
• NBC already has five of its executives on the board of Snap and has appointed two more to key positions: Shawn Hardin as senior VP and creative director, and Bertina Ceccarelli as VP brand development and research.
• NBC will begin a six-week Snap brand-awareness campaign next week, further solidifying its presence in the online service.
• The investment is seen as a signal that NBC is serious about buying a majority stake in Snap and possibly taking the unit public.

Statistics:

• NBC has invested $6m in Snap! Inc's online service, with the option to invest a further $32m for a 41% stake.
• Snap! Inc's online service will be promoted through a six-week brand-awareness campaign, starting next week.
• NBC already has a significant presence in Snap, with five of its executives serving on the company's board.
• The chief operating office position at Snap is new, created specifically for Edmond Sanctis' appointment.

Sources:

• CI No 3,428 (Source: NBC's stake in Snap! Inc)
• General Electric Co (Source: NBC's parent company)
• Microsoft Corp (Source: MSNBC venture)
• NBC Online Ventures (Source: Edmond Sanctis' previous role)