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YouTube renews partnership, takes stake in Vevo

2013-07-03 09:13:00| Telecompaper Headlines

(Telecompaper) YouTube confirmed it has renewed its distribution partnership with music video site Vevo. People familiar with the discussions told the Financial Times that YouTube ended up with a small stake in Vevo as part of the deal, valued at about USD 40 million or more. The agreement with YouTube is expected to facilitate negotiations with other investors in Vevo. The company has been in talks for over a year to bring in new investors, which could include Guggenheim Digital Media and Allen & Co, the paper said. Vevo was founded by Universal Music and Sony Music, and the Abu Dhabi Media Company also holds a small stake.

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Category:Telecommunications

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