Friday, June 5, 2009

Sony joins Universal, YouTube for music video site

SAN FRANCISCO (Reuters) – Sony Corp's Sony Music Entertainment will join the online music video service being developed by Google Inc's YouTube and Universal Music Group.

The move marks the first major record label besides co-founder Universal to sign on to the service to be called Vevo and expected to launch later this year. Sony and YouTube could not immediately be reached for comment.

Financial terms of the deal were not disclosed, and it was not immediately clear whether Sony was doing anything more in the partnership than providing its music to the site.

Vevo is "exploring additional strategic participation by third-party investors" to join as equity partners, the companies said in Thursday's joint announcement.

No comments: