The deal, which ensures the music-video site's videos stay on YouTube, includes an unspecified investment by Google. Vevo in action. (Credit: Screenshot by Jonathan Skillings/CNET) Google's YouTube has reportedly renewed its agreement with Vevo, ensuring that the music-video site's videos stay on YouTube. As part of the deal, Google will make an investment in the joint-venture owned by Universal Music, Sony Music Entertainment, and Abu Dhabi Media Group. Terms of the investment were not revealed, but Billboard speculated the investment to be between $40 million and $50 million, in line with previous reports about a possible investment. "We made an investment in Vevo," YouTube told Billboard, which first reported the deal. "We are excited by their future prospects and to provide YouTube users with the best possible music experience." Related stories Vevo tunes up app for Windows 8 YouTube mulling $50 million investment in Vevo -- report YouTube said to be investing cash in Vevo CNET has contacted Google and Vevo for comment and will update this report when we learn more. Rumors had been swirling for months that Vevo was looking to raise some cash and that Google might just be the company to provide it. Te New York Post reported in May 2012 that Google was looking to acquire an equity stake in Vevo on a valuation of $1 billion. It was believed at the time that Facebook might also try to acquire equity in Vevo. Vevo is the third most-watched video site in the U.S., with 52 million viewers for the month of March, according to ComScore. Tops was Google, with 153.9 million viewers, largely through its YouTube operation, and second was Facebook, with 63.8 million viewers.
The deal, which ensures the music-video site's videos stay on YouTube, includes an unspecified investment by Google.
Vevo in action.
(Credit: Screenshot by Jonathan Skillings/CNET)
Google's YouTube has reportedly renewed its agreement with Vevo, ensuring that the music-video site's videos stay on YouTube.
As part of the deal, Google will make an investment in the joint-venture owned by Universal Music, Sony Music Entertainment, and Abu Dhabi Media Group. Terms of the investment were not revealed, but Billboard speculated the investment to be between $40 million and $50 million, in line with previous reports about a possible investment.
"We made an investment in Vevo," YouTube told Billboard, which first reported the deal. "We are excited by their future prospects and to provide YouTube users with the best possible music experience."
Related stories
- Vevo tunes up app for Windows 8
- YouTube mulling $50 million investment in Vevo -- report
- YouTube said to be investing cash in Vevo
CNET has contacted Google and Vevo for comment and will update this report when we learn more.
Rumors had been swirling for months that Vevo was looking to raise some cash and that Google might just be the company to provide it. Te New York Post reported in May 2012 that Google was looking to acquire an equity stake in Vevo on a valuation of $1 billion. It was believed at the time that Facebook might also try to acquire equity in Vevo.
Vevo is the third most-watched video site in the U.S., with 52 million viewers for the month of March, according to ComScore. Tops was Google, with 153.9 million viewers, largely through its YouTube operation, and second was Facebook, with 63.8 million viewers.
