Snap Inc. (NYSE:SNAP) allocated some $500 million in stock to Comcast-owned (CCV) media giant NBCUniversal recently, according to sources close to the matter.

Written by StockNews.com

As CNBC reports, the deal was apparently an exclusive arrangement made just prior to SNAP’s IPO yesterday:

The stock allocation by Snap to NBCUniversal appears to be the only one made to a new strategic investor, which would make NBCUniversal the only U.S. media company with a stake. Other companies could buy shares in the open market.

NBC has been aggressive in its diversification efforts as of late. Led by its CEO Steve Burke, it’s spent about $1.5 billion in the past year and a half on buying stakes in Buzzfeed, Vox, and other digital media properties.

It’s worth noting that NBCUniversal’s relationship with Snap is nothing new:

NBCUniversal courted Evan Spiegel, Snap’s co-founder, for the past year, sources said, and both companies have been working on deepening their relationship. NBC worked with Snapchat on the Rio Olympics in partnership with BuzzFeed, which generated over 2 billion views. NBC is also producing several series on Snapchat, including “The Voice,” “SNL” and E! News’ “The Rundown,” and more are in the works.

Getting a sweetheart deal on a stake in Snapchat’s parent company has already paid off, at least on paper. Assuming NBCUniversal got in at Snap’s $17 IPO pricing, its $500 million investment is already worth about $720 million, based on SNAP’s 44% gain to $24.48 per share yesterday.

Snap Inc. shares rose another $0.76 (+3.10%) in premarket trading Friday….

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