YouTube invests in video music site Vevo
Published on Jul 4, 2013 6:29 AM
SAN FRANCISCO (REUTERS) - Google Inc's YouTube said on Wednesday that it has made an investment in Vevo, an online music video hub that provides some of the most popular content on YouTube.
YouTube and Vevo also renewed the partnership that allows YouTube to feature Vevo's music videos on its website, with the two companies sharing the ad revenue.
The original partnership deal, which dates back to 2009, ended in December, but had been temporarily renewed while the two companies negotiated a renewal. The companies did not provide details about the terms of the renewal.
The size of the investment, which YouTube did not disclose, was between US$40 million (S$51 million) and US$50 million, according to Billboard.
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