The William Morris Agency, Accel Partners, Venrock, and AT&T said Monday morning that the firms have agreed to create a new investment firm to seed and grow firms in Southern California. The firms said that a new joint fund will focus on discovering, funding and building companies focused on the "Web 3.0" consumer media technology arena. According to the firms, the new fund will be managed by Richard Wolpert, previously chief strategy officer of RealNetworks and president of Disney Online. Size of the new investment fund was not disclosed. AT&T is a limited partner in the venture.