Andre Yoskowitz
4 Jun 2014 18:56
Vevo, the massive music video streaming service, has now put itself up for sale with an estimated value of $1 billion.
The company hired Goldman Sachs and the Raine Group as advisors as it looks for a purchasing party for the entire company or for minority stakeholders.
For 2014, Vevo is expected to bring in $350 million in revenue, and the service is the most viewed channel on YouTube. Videos on Vevo have some of the best advertising rates, as well, making the service attractive.
Among the potential buyers are Yahoo, Amazon, Dreamworks Animation and Liberty Media, and possible stakeholders from outside of the media realm include the Carlyle Group and Peter Chernin.
Vevo is owned by Universal Music Group and Sony Music Entertainment, the two largest record labels on the planet, and Google and Abu Dhabi Media also own large stakes.
Source:
BI