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U2 on YouTube?

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YouTube and Universal Music Group are in advanced discussions to create a premium online hub for music videos, tentatively called Vevo, according to today’s Wall Street Journal. The joint venture aspires to be like iTunes, but for music videos, and is intriguing to Universal—and presumably other record companies—who have struggled to generate profit or increase music sales from the Internet. Discussions come just months after Warner Music Group pulled their content from YouTube after failing to agree to a financial agreement regarding advertising. Universal represents some of the industry’s biggest names, including U2 and The Killers.