Youtube and Universal: Music portal planned

The video portal YouTube is negotiating with the music label Universal Music Group about the creation of a new online music platform. According to the Wall Street Journal, citing anonymous insider sources, talks for the service, which goes by the working title Vevo, have already reached an "advanced stage". The long-term goal of the two partners is to establish a rival product to web offerings such as that of the music channel MTV, which contains video clips from artists from the Universal repertoire as well as music from other labels such as Sony Music, EMI and Warner Music. However, financial details of the planned cooperation have not yet been finalized.