Virgin Galactic spins off satellite launch division, NBCUniversal invests $500 million in Snap, and Mediation app Developer Headspace appoints new CEO.

Virgin Galactic Spins off Satellite Launch Division

Virgin Galactic of Long Beach has spun off its small-satellite launch division into a new company called Virgin Orbit, according to a statement, reports the Business Journal. Virgin Orbit will continue development and testing of the LauncherOne rocket system, a rocket that is slung under a 747 aircraft, flown to high altitude, and then fired into orbit.

NBCUniversal Invests $500M in Snap

NBCUniversal made a strategic investment of $500 million in Snap Inc. as part of the Venice app maker’s initial public offering on Thursday, reports the Business Journal. Steve Burke, NBCUniversal’s chief executive, announced the investment in a memo to the company’s employees on Friday.

Mediation App Developer Headspace Appoints New CEO

Headspace, a meditation app developer, has appointed Rich Pierson as its new chief executive, reports Recode. Pierson replaces Sean Brecker, who had the job for the last two years and will now serve as its chief financial officer.

Send tips on L.A. tech companies and startups to reporter Garrett Reim via greim@labusinessjournal.com. Follow @garrettreim on Twitter for the latest in L.A. tech news.