VEVO Reportedly Seeking $100 Million+ In New Financing
July 9, 2012
According to multiple reports, digital music video service VEVO is seeking to raise new financing, as it plans an expansion of the popuar site. The Wall Street Journal and Los Angeles Times report VEVO has hired investment banking firm Allen & Co. to seek out investors. Sources tell the WSJ that the firm has already reached out to Facebook, Yahoo!, Amazon, Apple and Google as potential investors. VEVO hopes to raise between $100 million and $150 million in financing, which would bring the company's value to almost $1 billion.
The additional financing would be put towards expanding VEVO overseas, as the Times reports the company is looking to build a larger base internationally, add more original content and also stream more live concerts.