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Best Buy (BBY) will launch an investment fund focused on digital media to be run by Velocity Interactive Group, a venture firm created by former News Corp. exec Ross Levinsohn. According to the Financial Times, Jonathan Miller, a former AOL exec who now heads Internet operations at News Corp., will also serve as an adviser to the new fund.

Velocity also said it will change its name to Fuse Capital.

Velocity said the new fund will focus on “investments in digital media companies that will help create th enext generation of leaders in categories such as music, video, games and personal media management, as well as other areas that leverage the touch points and reach of Best Buy.”

The size of the planned fund was not announced.

BBY Thursday is up 2 cents at $35.29.

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Source: Best Buy Plans to Launch Digital Media Investment Fund