Market sources say that Universal Music Group is getting close to signing a deal with Google owned video sharing service YouTube.
The deal could see the creation of a new premium web service to deliver music videos to online users.
Sources say that this new service could be named Vevo and if it is launched, it could very well be the largest music-oriented site on the Web.
The deal could be signed in the coming weeks if everything goes well between the two giants.
This could very well become the Hulu of music videos. Universal is the largest music company in the world and they would want to become party of something like this.