Velocity Investment Group

Two media big shots are starting an internet holding company, backed by General Atlantic LLC and advised by Allen & Co.

From the WSJ:

"Former AOL Chief Executive Jonathan F. Miller and former Fox Interactive Media President Ross Levinsohn have joined together to start an Internet company, according to people close to the situation.

The new entity, called Velocity Investment Group, is already actively scouting for acquisitions and has signed letters of intent with a few consumer-oriented Internet companies. Velocity aims to purchase start-ups in related content areas and boost their online ad revenue by selling across multiple properties. Velocity is also considering buying out companies that broker ads for other Web sites. It is being advised by the investment bank Allen & Co.

The two executives are considering buying Internet companies in several niches, including online video, according to people close to the situation. The idea would be to buy up several companies in a related area, then possibly spin off the consolidated entity into a public offering or a sale."