CNBC strikes partnership deal with Acorns
CNBC has struck a partnership deal with personal finance site Acorns that includes an equity stake and an editorial content partnership.
NBCUniversal and Comcast Ventures, the venture capital arm of NBCUniversal’s parent company, Comcast Corp., will make an equity investment in Acorns.
Additionally, NBCUniversal will receive a board seat, which will be filled by CNBC Chairman Mark Hoffman.
Financial terms of the funding are not being disclosed.
“This partnership with Acorns builds on CNBC’s 30-year commitment to democratizing the financial markets, helping generations invest for their future,” said Hoffman in a statement. “We are excited to bring together two brands with this shared social purpose to drive value to our viewers, users and customers.”
CNBC plans to hire a dedicated team to create financial literacy and personal finance content for Acorns platforms. In addition, CNBC will produce features for a cross-company financial wellness initiative “Invest in You: Ready. Set. Grow.” that will run across CNBC, NBCUniversal and Comcast platforms.
Content production will begin immediately and continue to expand in the weeks ahead.
Jennifer Barrett, Acorns chief education officer, is the former personal finance editor of CNBC.