YouTube, owned by Google, said on Wednesday that it has invested in Vevo, the music video site that provides some of the most popular content on YouTube. Both also renewed the partnership that allows the available YouTube music videos from Vevo, with both companies sharing the advertising revenue.
The original deal was closed in 2009 and ended in December, but was temporarily restored while the two companies were negotiating a renewal. The companies did not provide details on the terms of the agreement
The size of the investment that YouTube has not revealed, is $ 40 million to $ 50 million, according to Billboard. Vevo, which is a joint venture owned by Sony Music Entertainment, Universal Music Group and Abu Dhabi Media, did not return requests for comment.
The original deal was closed in 2009 and ended in December, but was temporarily restored while the two companies were negotiating a renewal. The companies did not provide details on the terms of the agreement
The size of the investment that YouTube has not revealed, is $ 40 million to $ 50 million, according to Billboard. Vevo, which is a joint venture owned by Sony Music Entertainment, Universal Music Group and Abu Dhabi Media, did not return requests for comment.
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