Home › DMW Daily › October 19, 2009

Abu Dhabi Invests in Music Video Portal Joint Venture Vevo

Authored by Mark Hefflinger on October 19, 2009 - 8:19am.
New York - Vevo, the music video portal joint venture between Sony (NYSE: SNE) Music and Universal Music Group, has received an investment from Abu Dhabi Media Company, All Things D reports. While terms of the deal were not disclosed, the report cites a source who says the joint venture was valued at $300 million for the deal.

The investment makes Abu Dhabi a founding shareholder in Vevo, and will help bring the service to market.

Vevo is slated to launch later this year in the U.S. and Canada, and will eventually expand internationally.

The service will be based on technology from Google's (NASD: GOOG) YouTube, and its videos will be featured on the video-sharing site itself -- although YouTube is not a party to the joint venture.

 

Related Links:
http://snipurl.com/slmtr (All Things D)

http://www.admedia.ae/en/index.php

http://www.vevo.com

Published in DMW Daily, October 19, 2009
tags: Deals | Video | Music | Universal Music | Music Videos | YouTube | Investments | Sony Music | Abu Dhabi Media Company | Vevo |



Comments

Post new comment

The content of this field is kept private and will not be shown publicly.