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Business News Digital
Vevo reportedly considering sale and investment options
By Chris Cooke | Published on Wednesday 30 April 2014
Music video player Vevo is close to hiring Goldman Sachs to review possible sale options, according to Bloomberg.
Vevo was set up by Sony Music and Universal Music, with the Abu Dhabi Media Co soon coming on as a backer, and Google taking a small stake more recently. Bloomberg’s sources reckon that DreamWorks, Liberty Media and a joint venture between AT&T and Cherin Group are all interested in the digital music firm, which is best known for its YouTube-based services, but which now also pumps out pop promos and other video content via a number of other digital channels.
It’s thought that interested bidders might be offered a majority stake in the company, with the existing owners retaining a smaller shareholding, though various options are thought to be up for consideration. Vevo boss Rio Caraeff recently admitted that the company was looking for new investors to help fund further expansion.
Though neither Vevo nor Goldman Sachs have specifically commented on the Bloomberg report.
