20 10 09

Vevo gets funding from Abu Dhabi at $300m valuation

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What does soon-to-launch music video portal Vevo have in common with UK football club Manchester City? No, it's not Craig Bellamy. Both are funded from UAE emirate Abu Dhabi.Vevo has just taken an investment from the government-owned Abu Dhabi Media Company, which although undisclosed, apparently values the venture at $300 million. ADMC bought a stake from joint owners Universal Music Group and Sony Music.All Things Digital suggests the decision to take investment from a non-music industry company is strategic, to allay anti-trust issues. ADMC, which is owned by the Abu Dhabi government, already has a deal with Hollywood studio Warner Brothers to finance movies and build a theme park.

Music Ally
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