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Vevo Owners May Be Looking to Sell (Report)

By Andrew Flanagan
4/29/2014
By Andrew Flanagan
4/29/2014

Universal Music Group, Sony Music, Google and Abu Dhabi Media are considering a sale of Vevo, the music video streaming platform launched in 2009, according a report from Bloomberg. The company is said to be mulling bringing on Goldman Sachs to oversee the sale, according to three sources contacted by Bloomberg.

Earlier this month it was revealed that DreamWorks Animation was possibly interested in acquiring a stake in Vevo. Guggenheim Digital Media, parent company to Billboard, was also reportedly exploring taking a piece of the company. Bloomberg reports that Liberty Media Corp. is also involved in the discussions.

Google, through YouTube, owns a 7% stake in the company through an investment and distribution deal signed last year. Abu Dhabi is said to own a smaller stake, with the majority of ownership being held by UMG and Sony Music.

Vevo CEO Rio Caraeff touted the company's recent performance during a talk last week at the Billboard Latin Music Conference in Miami, saying monthly views were up 1.5 billion over the previous year, with 80% of those coming from outside the U.S.

By Andrew Flanagan
4/29/2014

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