Both Facebook and Google are looking to invest in music-video service Vevo, according to reports.
Sources say that the search titan and social network have been in negotiations with Vevo to buy an equity stake, the New York Post reported. Both are competing for ad revenue from the service. Vevo is a joint venture between Universal Music Group, Sony Music and the Abu Dhabi Media Co. and valued at $1 billion. It reportedly has $150 million in annual revenue.