Universal Music Group is now officially an investor in Buzznet, according to statements issued Thursday.
The investment offers a new direction for Universal, one that will allow the label to shape editorial content within an influential, targeted music platform.
Prior to the announcement, the investment had been widely discussed and reported, though additional details have now surfaced. The equity investment allows Universal to share a piece of revenues, and the label group will actively generate editorial content.
The total funding round is rumored to be around $25 million, though neither party confirmed specific valuations. But most agree that the funding levels are healthy, and represent a serious diversification for the massive major label.
And, for that matter, a nice diversification for Buzznet, a music-focused social network that is now poking more seriously into content. Earlier this month, Buzznet acquired music blogs Idolator and Stereogum, potentially enabled by the funding infusion.
Other active investors include Redpoint Ventures, Anthem Venture Partners and various angels.