Google set for stake in major music video website

Google is reportedly set to buy 10 percent of Vevo, the music video website founded by record companies Sony and Universal, in a bid to distribute millions of new clips onto YouTube.

Google, which owns YouTube, is thought to be ready to pay US$50mn for the stake, but a deal has yet to be signed, reports the Guardian.

Vevo has previously been in discussion with Facebook and MTV-owned Viacom in a bid to distribute its content as it tries to increase revenues for the music industry, but YouTube is by far the biggest player in the video-sharing market.

“While we don’t comment on individual negotiations, we always hope to renew our relationships with valuable partners so we can continue to provide YouTube users with the best possible music experience,” said a spokeswoman for YouTube.

Vevo did not comment.

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