Vevo is an upcoming music video website that is being put together by YouTube, Sony Entertainment, and Universal Music. At the end of August, the company CEO Rio Caraeff was rumored to be flying around the world in order to find potential investors at a $300 valuation. And today a press release has been announced about a funding deal.

Abu Dhabi Media Company bought a stake in Vevo and the funding round is rumored to give the company a $300 valuation. Sony and Universal Music both own stake, but Google does not. Google is on a revenue-sharing agreement with Vevo by providing the YouTube massive distribution platform. The full press release is available after the jump.

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