Vevo has reportedly finalized an agreement to syndicate its catalog of music videos to BET.com. A Bloomberg report cites two anonymous sources saying the deal is done.

The interesting element here is that BET parent company Viacom also owns MTV, and MTV rejected Vevo’s terms for syndication in August in a dispute that led to Universal Music Group pulling all its videos from MTV’s online properties.

Vevo declined to comment on the report, but it’s a matter of public record that Vevo and BET have been in negotiations. At the time of the MTV/UMG dust up, Vevo CEO Rio Caraeff has the following to say: “Vevo has been in negotiations with Viacom, including BET and MTV, as a syndication partner,” he says. “We are still in negotiations with them.”

The BET deal signals that the licensing dispute rested squarely with MTV, and not Viacom proper. MTV’s beef is that Vevo demands a cut of any advertising sold on a web page that hosts its music videos. Vevo already commands complete rights to any videos sold in and around the music videos itself (such as pre-rolls or overlays), but those videos need to reside on a page. MTV says Vevo’s demands for a cut of those other ads represents an “unprecedented land grab.”

Vevo, meanwhile, won’t discuss the terms of its licensing deals, but says it offers every partner the same deal. With BET, AOL and CBS onboard, it is starting to look more and more like MTV is the sole holdout here.

Meanwhile, Caraeff speaking at a recent tech conference repeated that Vevo is making tens of millions in revenues, with half of it going back to the labels and artists. Vevo and MTV have been going tit for tat on claiming the No. 1 spot as a music destination online, with MTV boasting the most traffic and Vevo bragging about the most video spins.

Vevo is also said to be able network or via Web-connected devices.