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.

Los Angeles - Buzznet, a music-focused social media site, has raised as much as $25 million in its third round of financing, from investors including Universal's Interscope Records, PaidContent reports.

New York - The owners of Sterogum, an indie music blog founded in 2003, have exchanged their equity stakes in the venture for a share of music-focused social network Buzznet, in a deal that valued Stereogum at around $5 million, The New York Post reported.