According to CNET: "Universal Music Group, the nation's largest recording company, and YouTube are closing in on a final agreement to create a new premium music video Web site."
The site (tenatively named Vevo) would become "a syndication platform for all kinds of premium content beyond music videos, such as editorial content, merchandising, Webisodes, or artist-generated videos."
Does this mean YouTube has decided the music portion of its business is valuable enough to spin into a separate company? "Universal executives last year said the label sees revenue in the "tens of millions" from YouTube."