Investment firm Thrive Capital is selling a 3.3% stake to a group of investors, including Disney CEO Bob Iger, Wall Street Journal reports.
Why is this important: The media-focused venture capital firm now has an additional $175 million to play with, and the deal makes the company worth around $5.3 billion.
Details: Thrive, founded by Josh Kushner, has invested in the TMT space, including stakes in Spotify and Instagram. The firm is also in talks to invest in OpenAIthe creator of ChatGPT.
To note : Among those who have joined Iger in buying Thrive’s stake are KKR co-founder Henry Kravis, Brazilian banker Jorge Paulo Lemann and Indian billionaire Mukesh Ambani.