Youtube, owned by Google, is preparing to take about a 10 percent ownership in Vevo, an online music destination, according to AllThingsD.com.
AllThingsD.com reported in December that the three-year contract between the companies was coming to an end. It seems both sides have reached a new agreement. The new deal would allow hundreds of videos to remain on the YouTube website.
While the deal is not finalized, negotiations involve a $50 million investment from Google and include a renewed distribution agreement that has been in place the last three years.
Vevo was founded by two major music labels, Universal Music Group and Sony Music, and launched in 2009. Abu Dhabi Media is also an investor, according to The Hollywood Reporter. Last year, rumors surfaced that Vevo is also looking into deals with Facebook and Viacom.