Vevo Chooses Investment Bank To Help It Raise $100 Million In Financing
July 9, 2012 at 4:03 AM (PT)
VEVO is reportedly close to retaining investment banking firm ALLEN & CO. to help it raise upward of $100 million to fund its global expansion. THE LOS ANGELES TIMES reports, "the transaction would value VEVO at close to $1 billion."
VEVO, headed by UMG vet RIO CARAEFF, is the third most-popular site for music and concert videos, ranking behind GOOGLE and YAHOO.
THE TIMES notes VEVO "has an ad-sharing agreement to distribute its content on GOOGLE's YOUTUBE site, where the VEVO channel is the most popular with 617.8 million video views in MAY alone. It also has been gaining traction on FACEBOOK, where it garnered half-million new registered users in MARCH, the latest figures released by the company."