According to a report from The New York Post, Google’s CEO Larry Page is considering extending the company’s relationship with label-backed music-video service Vevo by possibly buying an equity stake in the venture. The report claimed that Facebook is also considering making an investment in Vevo, which is reportedly currently valued at $1 billion and run by major labels including Universal Music Group and Sony Music.

Both Google CEO Larry Page and Facebook’s Mark Zuckerberg are exploring an investment in Vevo as part of a broader partnership with the music-video service, The Post has learned.

Vevo already has a deal with Google to host its content on YouTube, but the report noted that agreement lasts only through the remainder of 2012. Vevo is reportedly negotiating with YouTube to accept lower than the two-thirds of ad-revenue it currently receives from the Vevo content that it hosts. As The Post pointed out, recent stats from comScore listed Vevo as YouTube’s top partner channel in April with 48 million unique viewers during the month.

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