Buzznet receives $25 million from Universal Music Group

Los Angeles-based social network Buzznet finally confirmed a long-rumored investment from Universal Music Group, which PaidContent earlier reported to be around $25 million, brining the total invested in the company to over $32 million. The social network, which has been focused on music fans from the start, has also become quite acquisitive, picking up popular music blog Stereogum and, most recently, Gawker Media title Idolator. And they may be looking to add more, according to an email published by The Daily Swarm. (Via Tech Confidential)