The Hulu-like music video service that Universal Music Group has been developing may be close to finding a partner. Sources confirm the label and YouTube are in discussions on an agreement to offer the site together. The exact details of the potential partnership remain unclear, but the name being floated around for it internally is Vevo.

YouTube from the start was the leading candidate for UMG to partner with for the service, which Rio Caraeff, executive VP of the label’s eLabs division, says was never intended to be a competitor. Instead, it is meant as more of a syndication entity that condenses all music videos in one place and then makes them available to outlets like YouTube. By consolidating music videos on one service, the labels can then command a premium on advertising rather than letting the various services competing for ad sales drive the price down.

According to Billboard’s sources, other major labels are invited to participate in the venture.