Two interesting stories in the VC world that are digital-media related:
First, Velocity Ventures -- the firm headed by former president of Fox Interactive Media, Ross Levinsohn, and former CEO of AOL, Jonathan Miller -- has merged with established Silicon Valley fund ComVentures. The merged firm is now called Velocity Interactive Group and has $1.5 billion in assets. Levinsohn and Miller will continue to focus on investments in digital media.
Second, Founders Fund Management -- the San Francisco-based VC backed by former execs at PayPal and original investors in Facebook -- have just raised $220 million from institutional investors. This news underscores the clout of this "newer" VC and the overall success of its wunderkind founders.