News Burst: Paul Allen to invest $54m (£33m) in ZDTV

Microsoft co-founder Paul Allen's Vulcan Ventures will make a $54m (£33m) strategic investment in Ziff-Davis' 24-hour technology news cable channel, ZDTV, Ziff-Davis officials said Tuesday.

The investment, which will make Vulcan Ventures a one-third partner in ZDTV, is part of the company's "wired world" strategy, according to a statement from Vulcan Ventures officials. Ziff-Davis officials said ZDTV is expected to reach 9 million U.S. homes by year's end.

Meanwhile, Ziff-Davis said it will exercise its option to purchase ZDTV from Softbank subsidiary MAC. Ziff-Davis is also the publisher of ZDNet UK.