CNET and the Wall Street Journal are both reporting that Universal Music Group and YouTube are in final negotiations to create a new music videos website, with the working title of Vevo. The site would feature music videos, interviews and other artist-related content, and would be designed to attract the kind of high-end brands who’ve been nervous of advertising on YouTube itself.CNET’s sources say the other three major labels have been approached about joining Vevo, although there aren’t any details on whether this would include equity stakes as is the case for MySpace Music – if it did, expect indie trade bodies to complain vociferously.
