The William Morris Agency has teamed up with Silicon Valley venture capitalists Accel Partners and Venrock, as well as AT&T, to create an investment fund designed to back digital media startup companies.

The $10 million-plus fund is targeted at smaller companies creating content and technology targeting the mobile, online, social networking and advertising markets, with investments expected to total around $250,000 to the lower millions.

Richard Wolpert, former RealNetworks chief strategy officer and president of Disney Online will manage the group.

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