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One of the most innovative projects underway at GE Capital is the $250 million fund it launched two years ago with NBC Universal. As we described in our video yesterday, the Peacock Equity fund invests in digital media companies in the venture capital space — such as in video game developer Trion World Network, which has teamed with NBCU’s Syfy for a breakthrough TV and game collaboration. Today, we take a closer look at the fund, which invests in four primary sectors: advertising, content, gaming, and technology. Lauren Zalaznick, head of NBCU’s Women and Lifestyle Entertainment Networks, explains in the video below that when it comes to investment choices, the fund assesses the growth potential of each company and then comes to NBCU to “see if there’s a direct fit — a direct value — into one of our businesses, and in that way, have a mutual co-creation of value.” Adds Michael Chen, President and CEO of Media, Communications & Entertainment for GE Capital: “The question has always been: Are you trading analog dollars for digital dimes? We’re trying to figure out how do you break the mold? How do you invest in digital media and make money in that space?”

NBC Universal’s Syfy network and California-based game development company Trion World Network are about to revolutionize the way you watch TV shows and play video games. Spurred on by an investment from NBCU’s and GE Capital’s Peacock Equity fund — which invests in digital media companies in the venture capital space — the two are developing an online video game in tandem. As Lars Butler, CEO of Trion, says in the video below about the project, which has the working title One Earth: “In this unique set-up, we can do things that other people would never even dare before: create a video game world and a television show… They not only promote each other, they literally depend on each other and co-evolve.” Rob Hill, the senior producer for Trion, adds: “This project, in collaboration with Syfy, in and of itself, is completely different from anything I’ve worked on …Usually you have a game that’s based off of a book or television show or movie, or a movie that’s based off a game…. Some of the implications of what we are trying to accomplish here are to really be able to broaden the audience,” by bringing viewers from the show into the game and vice versa.

SyFy and Bravo, say “hello” to the Golf Channel and E! The popular cable networks are just a few of the recognizable names that will be under one roof with today’s announcement that Comcast and GE have signed a definitive agreement to form a new joint venture. Fusing NBC Universal with Comcast’s cable and sports networks and certain digital properties, the new firm will be 51 percent owned by Comcast, 49 percent owned by GE and managed by Comcast. As GE Chairman and CEO Jeff Immelt says in the video below, the new venture is good for viewers and investors.

It’s been a busy week at GE’s NBC Universal. Not only did Hulu.com, the popular video web venture of NBCU and Fox add a major new partner — Walt Disney Company and its ABC network — but Lauren Zalaznick was added to a very select group. The President of NBCU’s Women & Lifestyle Entertainment Networks, which includes Bravo and Oxygen, is on the “Time 100″ list of the world’s most influential people. At No. 29 under Time’s heading of “Builders & Titans” — Lauren is one notch ahead of the powerful U.S. Treasury Secretary Timothy Geithner. Not too shabby.