UMG Partners With Buzznet
April 17, 2008 at 7:02 AM (PT)
UNIVERSAL MUSIC GROUP has made an equity investment in BUZZNET. The announcement was made today by UMG Chairman/CEO DOUG MORRIS and BUZZNET CEO TYLER GOLDMAN. The terms and conditions of the transaction were not disclosed.
This partnership marks one of the first times that a music company will be directly involved in developing editorial programming for a social media site, with both companies sharing in the revenue.
"We are always striving to push boundaries and expand the scope of our digital activities," stated MORRIS. "Our partnership with BUZZNET fits perfectly into that strategy. TYLER and his team have built a dynamic and legitimate social destination that provides fans and sponsors an all-encompassing musical experience."