Thursday, April 17, 2008
Buzznet Gets Investment From Universal Music Group
Los Angeles-based social media site Buzznet has received an investment from Universal Music Group, the firms said today. Financial terms of the deal were not disclosed. According to the companies, the investment was made as part of a partnership with Universal Music Group. The firms said that UMG will be involved in developing editorial programming for Buzznet, and that both firms would share in the revenue. Content from Universal will include music and videos from its artists, as well as guest blogs. Universal Music group is a unit of Vivendi. Buzznet is venture backed by Anthem Ventures and Redpoint Ventures, and has previously raised $7.5M across two rounds of funding.