Middle Eastern Media Giant Backs Upcoming Music Video Site VEVO

VEVO , the YouTube-powered "Hulu for music videos" which to date was a joint venture between Universal Music Group and Sony Music Entertainment , is gaining a new founding shareholder. VEVO has just announced a 'strategic' investment was made by Abu Dhabi Media Company (ADMC), a giant of a media company with headquarters in Abu Dhabi, capital of the United Arab Emirates, reports MediaMemo . The specifics of the deal remain under cover, but the rumor mill suggests the company is being valued at around $300 million.