Idealab in Net venture with Hollywood agency CAA

Internet entrepreneur Bill Gross's Idealab is teaming with Creative Artists Agency (CAA), the talent agency founded by Michael Ovitz, to start up an entertainment content venture.

The new company will invest in entertainment studios that use the Web as the medium of choice, according to Gross. Ownership will be shared evenly between Idealab and CAA.

"We are looking for people with great ideas to fund," Gross said. The venture will invest in small companies creating original content for delivery over broadband connections, he said.

The deal is the latest example of Internet companies teaming up with Hollywood to deliver entertainment over the Net.

Richard Lovett, president of CAA, added in a statement, "The celebrated convergence of entertainment and technology is here."