Vevo seeking up to $500 million in new fundraising

Music video service Vevo is reportedly seeking up to $500 million from new investors. Sources told the Financial Times that the financing would be put toward international expansion, potential acquisitions, and possibly developing new services for mobile and television. Vevo did not offer any comment on the action, nor did majority owners Universal Music Group or Sony Music.

Vevo has been toying with the idea of an on-demand subscription service for several months now, and has been taking steps to put all its ducks in a row for that launch. The company secured a limited deal with final major label Warner Music Group at the start of the month. Vevo has been pushing for more independence after it spent formative years as a companion business to YouTube.