Universal Music, YouTube near deal on music video site

Posted by in Internet, Music on Mar 4th, 2009 | 0 comments

Universal Music Group, the nation’s largest recording company, and YouTube are closing in on a final agreement to create a new premium music video Web site, according to sources close to the negotiations.

Universal Music Chairman and CEO Doug Morris is behind the new venture with YouTube tentatively called Vevo.

The sources said that the proposed service, which is tentatively named Vevo, would be a destination site closely linked to YouTube. Should an agreement be reached, Vevo would likely be the largest music-oriented site on the Web. Talks are ongoing, but a deal could be reached as early as the next few weeks, sources said.

A YouTube spokesman said: "We are always working with our partners to find creative ways to connect music, musicians, and fans."

Universal’s YouTube channel is by far the largest on the video site. The label’s music videos have been viewed more than 3.5 billion times.

See the full article at CNET News.

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