Los Angeles - Confirming earlier reports, Universal Music Group announced on Thursday that it has made an equity investment in Buzznet, the music-focused social media site, and will share revenue with and be directly involved in developing editorial programming for the site. Financial details of the deal were not disclosed.

Buzznet, which claims 10 million active members, recently acquired the noted music blogs Stereogum and Idolator.

It's unclear what effect the new relationship with Universal will have on their editorial independence.

"Buzznet offers an elegant and excellent platform to showcase the high quality and depth of UMG's extensive musical catalog," said Rio Caraeff, EVP of Universal Music's eLabs.

Related Links:
http://snipurl.com/24rxa

http://snipurl.com/24ryw (DMW previous coverage)

http://www.umusic.com

http://www.buzznet.com