Andre Yoskowitz
1 Jun 2012 10:36
According to sources, it appears both Google and Facebook are looking to invest in the popular streaming music video service Vevo.
Vevo has hired the investment bank Allen and Co. to explore the possibility of having the service partially or fully sold to the highest bidder.
It is unclear whether the companies are serious, however, but there have been active talks, say the sources.
Vevo, owned by UMG, Sony Music and the Abu Dhabu Media Co. currently has 48 million unique users per month, and is valued at around $1 billion.
The service currently has an exclusive ad-sharing revenue deal with YouTube/Google that expires at the end of the year.