Vevo, a premium music video and entertainment service owned by Universal Music and Sony, has received a strategic investment from Abu Dhabi Media Company.
The media are reporting that transaction values the joint venture at $300 million. Terms of the agreement were not disclosed. Launching in the United States and Canada later this year with a further international roadmap to be announced, VEVO will be a premium destination and syndication network for the music video content that will leverage the existing traffic of Google's YouTube as partner.
Source: AJP
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