Vevo, the forthcoming premium music video site, has received a strategic investment from the Abu Dhabi Media Co. Terms of the deal were not disclosed, but sources tell MediaMemo that the transaction values the venture at $300 million, which matches previous reported valuations Vevo was seeking during fund raising in August.
Vevo is owned by Universal Music Group and Sony Music Entertainment and will be powered by YouTube. From the Abu Dhabi Media Co.’s web site:
Abu Dhabi Media Company is one of the fastest growing, multi-platform media organizations in the region created in 2007 as a public joint stock company from the assets of Emirates Media Incorporated.
Abu Dhabi Media Company owns and operates a range of television channels (Abu Dhabi Al Oula, Abu Dhabi Al Emarat, Abu Dhabi Al Riyadiya, Abu Dhabi Al Riyadiya 2, Abu Dhabi Al Riyadiya 3 Abu Dhabi +1 and National Geographic Abu Dhabi) and a network of radio stations (Abu Dhabi FM, Emarat FM, Star FM, Holy Quran FM), as well as number of publications (Al Ittihad newspaper, The National Newspaper, Zahrat Al Khaleej magazine, Super magazine and Majid magazine) and a number of other media related businesses including Imagenation Abu Dhabi that will develop, finance and produce full length feature films and digital content for Arabic and international markets; LIVE which owns a fleet of outdoor HD broadcast vans and a state of the art printing press, United Printing Press.
Abu Dhabi Media Company employs 2,098 people across its operating units which include publishing, television, radio, digital media, distribution, and printing.
The company is headquartered in Abu Dhabi with offices in Cairo, Dubai and Washington, D.C.