Music JV Site Vevo Gets The Money It Was Seeking, From Abu Dhabi Media


As we had reported first back in August, Vevo, the Hulu-like site for music videos, JV between Universal Music and Sony (NYSE: SNE) Music, was raising money at $300 million valuation, and that it was looking worldwide for it. Turns that it really did go global on it: the NYC-based venture announced this morning that it has received an undisclosed amount from Abu Dhabi Media Company (ADMC), the investment arm of the local govt of the Emirates. ADMC has been furiously trying to woo foreign media and entertainment outlet to its emirate, a few years after its sister island Dubai started doing it, and is still very early into the process for digital media. This investment would certainly put it on the map of companies here.’

The company insiders say Vevo is still on track to launch later this year in U.S., with global rollouts next year. With this investment from ADMC, expect an Arab language version sometime in the future. The JV owners of the site now are ADMC, Universal and Sony, with strategic support from Google’s YouTube. Vevo is in talks with Warner Music as well, as reported late last month, though that’s for getting the music vids onto the new service, not as an equity partner. The release, after the jump:

VEVO Partners With Abu Dhabi Media Company
Abu Dhabi Media Company Joins Universal Music Group and Sony Music Entertainment for World Class Online Premium Music Service

VEVO, the new premium music video and entertainment service powered by YouTube, has received a strategic investment from Abu Dhabi Media Company (ADMC), one of the world

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