Universal Music Group, the world's largest music recording company, is in talks with Google's YouTube division to create a musicvid venture.
Instead of just receiving licensing fees or a share of ad revenue from the online video site, UMG is seeking an equity relationship on an ad-supported site focused on high-quality musicvideos unlike the grainy, user-generated fare common to YouTube's main site.
Other record labels such as Warner Music Group, Sony Music Entertainment and EMI have also been contacted about the plan, although they are not part of the talks. UMG is a division of France's Vivendi.
The discussions began about a month ago but are still in the preliminary stages, said people who spoke on condition of anonymity because the discussions are supposed to be confidential
(from Associated Press, via Variety, via msoefer's twitter).
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