Comcast Corporation (NASDAQ: CMCSA) subsidiary NBCUniversal sold off its entire stake in social media company Snap Inc. (NYSE: SNAP) in 2019, according to its K-10 filing with the Securities and Exchange Commission.
NBCUniversal had acquired the $500 million in Snap during the latter's initial public offering as part of strategic investment and partnership, CNBC reported at the time.
According to Hollywood Reporter, NBCUniversal will continue the partnership with the Snapchat parent company even after selling its stake.
As per the filing, the media mogul profited $293 million from the Snap investment in 2019 after losing $268 million in the year before.
NBCUniversal's decision to divest from Snap comes at a time when the veteran media company is readying to launch its own on-demand video streaming platform Peacock later this year.
Snap's shares closed 11.92% lower at $11.45 on Monday and traded 2.45% higher at $11.73 in the after-hours session.
Comcast's shares closed 6.17% lower at $37.88 and were unchanged in the after-hours.