BRONFMAN LAUNCHES MEDIA-FOCUSED VC

Look who’s back in action. Edgar Bronfman Jr. is starting a Silicon Valley-based VC firm with veteran investor Daniel Leff, Bloomberg reports. The newco, Waverley Capital, aims to raise round $100m, targeting media investments.

“There’s almost no money in Silicon Valley going toward media,” Bronfman said of his motives. The decline in media investments is partly a holdover from the dot-com era, game-changing VC-backed Napster in particular. “Content and technology went to war with each other for a period of time,” he explained.

Leff’s Luminari Capital backed sports-video service FuboTV and online sports publication The Athletic—both of which would be in Waverley’s sweet spot, Leff told Bloomberg. Leff expects many of Luminari’s backers to join as investors in Waverley.

Bronfman, a Luminari Capital investor and adviser, will continue as a managing partner at New York-based private equity firm Accretive, but he plans to spend about half his time at Waverley.