Vevo Is No Longer for Sale
Vevo’s quartet of owners — Universal Music Group, Sony Music Entertainment, the Abu Dhabi Media Group, and Google — are no longer interested in selling the company.
Citing multiple sources familiar with the ownership group’s thinking, the New York Post reports that the owners believe they’re better off keeping the company in-house, excited about the growth prospects of a platform that already reaches close to 41.7 million unique viewers per month in the US alone.
Poised for growth both internationally and off of YouTube, which remains the main driver of views for Vevo content, the music-video company recently struck a deal with Pinterest to become the third video platform to distribute to the social discovery network.
With projected 2014 revenue of $350 million, according to The Post, Vevo’s sales process attracted suitors like DreamWorks Animation, Guggenheim Digital Media, The Chernin Group, and Liberty Media.Tags: Abu Dhabi Media Group, Dreamworks Animation, google, Guggenheim Digital Media, music, Sony Music Entertainment, The Chernin Group, Universal Music Group, Vevo, youtube