GameSpy helps users find multiplayer computer game servers and streaming music servers. The site claims to attract 300,000 unique visitors per day and 250,000 downloads of its streaming music software in less than two months.
Wolpert will become a member of GameSpy's board of directors, the company said.
"GameSpy's proven leadership in multiplayer gaming and their strong commitment to providing easy access to online entertainment with MP3Spy is a natural fit with our strategy to help build strong Internet and entertainment companies on the Web," Ovitz said in a statement. "In addition to the investment, we will be involved in helping direct GameSpy's relationships in the online and traditional entertainment areas."
The investment comes just weeks after the two former Walt Disney executives said they would team up to launch a network of entertainment-focused e-commerce sites called CheckOut.com. Ovitz was formerly the president of Disney, and Wolpert was president of Disney Online.
Ovitz and Wolpert plan to continue taking stakes in Internet start-ups and will create an Internet investment portfolio. The pair have invested in chat community Talk City, and plan to announce more investments this summer.