Music video platform Vevo is looking to raise funding from a number of parties to boost international expansion plans, as the expiration of its YouTube partnership looms.
Billboard previously reported that the long-standing distribution contract between the two was due to expire on December 9 but that a 120-day automatic extension was granted, meaning it will stay in effect through to early April, giving both sides another chance to reach a new agreement.
Last month, Google had reportedly agreed to buy a minority stake in Vevo. Vevo is still said to be in negotations with the YouTube parent company but Billboard now reports that it is in the early stages of discussions regarding further equity financing from other parties too.
Investors said to have been approached by Vevo include Allen & Co. and Guggenheim Partners (owners of Billboard parent company, Prometheus Global Media), whilst Google are said to be looking at paying $50 million for 7% of Vevo.