Music Site BuzzNet Raises $25 Million

UMG Reportedly Invests

Social network/pop culture site BUZZNET has raised $25 million in a third round, some of which comes from UNIVERSAL MUSIC GROUP. PAIDCONTENT reported the deal this weekend.

SILICON ALLEY INSIDER reports some of that money looks like it's going to be put to work buying smaller sites. BUZZNET is now the sole owner of NY-based music site STEREOGUM, which it acquired a piece of last year. Now MASHABLE and others are reporting that the company has bought "online jukebox" service QLOUD, which debuted last fall.

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