Best Buy to launch Internet fund

Best Buy, the largest US consumer electronics retailer, will launch an investment fund managed by former and current News Corp Internet veterans that will focus on digital media as it seeks to expand beyond brick and mortar stores. The retailer, which invested $2.1bn to launch a joint venture with the UK's Carphone Warehouse last year, purchased the Napster online music subscription service in 2008 for $121m and aims to invest deeper into the music, video, games and "personal media management" businesses.