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YouTube in talks to invest $50m in Vevo
- USA: Thursday, February 07 - 2013 at 07:06
YouTube is negotiating a $50m equity investment in music video service Vevo, Bloomberg has reported, citing two people with knowledge of the situation. The investment would be part of a broader contract to keep Vevo's music videos on YouTube, the people said. Vevo, formed in 2009 by Universal Music and Sony Music Entertainment, and Google last year extended their existing contract until April. Google would own less than 10% of the company, giving Vevo a valuation of at least $500m, said the people. "While we don't comment on individual negotiations, we always hope to renew our relationships with valuable partners so we can continue to provide YouTube users with the best possible music experience," said spokesman for Google, Chris Dale.
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