According to reports online, music video site Vevo is in early-stage talks with investors to try and raise funds ahead of a planned flotation. The broadcaster, owned by Universal Music and Sony Music and Abu Dhabi Media– is said to have hired investment bank Allen & Co. to seek potential backers.
Vevo is hoping to raise funds that could run into hundreds of millions of pounds, which will be used to support its international expansion ambitions. According to the FT the negotiations could lead to a new partner being added to the business.
New York-based Vevo bills itself as the world’s leading all-premium music video and entertainment portal, with offices in London, Los Angeles, Chicago, Detroit and San Francisco.
The web-based service is offered throughout the US, Canada, UK, Australia and New Zealand, and is also available as an application for mobile devices and tablets and through internet television. It works by collecting music videos on artist pages on Facebook, as well as through syndicates across numerous sites such as AOL, Last.fm and Yahoo! Music.
In addition, Vevo has a partnership with YouTube to make it accessible in more than 200 countries.