Report: Vevo Not For Sale After All
August 19, 2014 at 11:05 AM (PT)
Despite reports of music video aggregator VEVO being on the block (NET NEWS, 8/4), the owners of the music/video streamer have deciding against selling it after realizing that "the five-year-old property is poised for continued rapid growth, several sources told The NEW YORK POST." Instead, VEVO owners — UNIVERSAL MUSIC, SONY MUSIC ENTERTAINMENT, GOOGLE and the ABU DHABI MEDIA GROUP have set their sights on a global roll-out.
The reason for their change of heart: They found out what potential suitors such as DREAMWORKS ANIMATION head JEFFREY KATZENBERG, digital investor PETER CHERNIN, LIBERTY MEDIA and GUGGENHEIM DIGITAL MEDIA wanted to do with the service -- and they figured they could do it themselves in-house. “A lightbulb went off,” the source said.