Breaking: Youtube Now Has 7 Percent Stake in Vevo After Renewed Contract

YouTube confirmed that it renewed an agreement with Vevo, owned by UMG, Sony Music Entertainment, and Abu Dhabi Media Group, after a temporary extension to their expired contract. Google invested between $40 million and $50 million, according to The Financial Times, and now has a 7 percent stake in the music video and content distribution company.

With this newly invested money, Vevo plans to expand its platform across international markets and to create more original content to add on to their growing library of music videos.