Vevo Owners Explore Sale Of Music Video Streamer
The four owners of Vevo are hiring Goldman Sachs Group to explore the sale of the the music video-hosting service, according to multiple sources. Vevo, which is co-owned by Vivendi Universal, Sony, Warner Music Group, Google and the Abu Dhabi Media Co., already has a cadre of deep pocketed buyers expressing interest.
DreamWorks Animation, Liberty Media plus a joint venture owned by AT&T Inc. and Chernin Group are all vying for the music video streamer, according to Bloomberg.
Vevo has 227 million viewers worldwide averaging 5.5 billion monthly video views. Some estimates put the company's value at $500 million,
“We want to create more programming, we want to launch in more countries, we want to build better products and just generally be a lot bigger than we are,” Chief Executive Officer Rio Caraeff said in an interview last week. “We think the time is right to bring in some new investors to help us achieve that. We’re starting that ball rolling.”