(Reuters) - Online music video service Vevo has hired Goldman Sachs Group Inc to raise up to $500 million from new investors, the Financial Times reported, citing people briefed on the plans.
Vevo, founded in 2009 by Universal Music Group and Sony Music, expects to raise between $300 million to $500 million for its international expansion, potential acquisitions and the development of new mobile and television services, the FT reported on Friday. (on.ft.com/2bCJkuH)
Vevo did not immediately respond to request for comment. Goldman Sachs declined to comment.
Sony Music and UMG could not be reached immediately for comment.
Vevo, which is YouTube’s top partner, is now working on a paid subscription service.
Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila