Dec. 4 (Bloomberg) — EMI Group Ltd., the record label of Coldplay and Norah Jones, is close to a revenue-sharing agreement with Vevo, the Web site backed by Universal Music Group and Sony Corp., a person with knowledge of the talks said.

EMI, owned by Terra Firma Capital Partners Ltd., won’t hold an equity stake in the venture, unlike Vivendi SA’s Universal Music, Sony Music Entertainment and Abu Dhabi Media Co., said the person, who declined to be identified because the talks are private.

EMI, based in London, will supply Vevo with music videos and will share the revenue from advertisements shown with the clips, under the licensing accord that may be announced as soon as next week, the person said. Terms weren’t disclosed.

Vevo, to be introduced on Dec. 8, aims to make up for declining album sales for music companies by generating revenue from advertising. Vevo, being built by Google Inc.’s YouTube, emulates Hulu, the free advertiser-backed Web site for television shows. Vevo also will feature material from CBS Corp.’s radio stations.

Maria Ho-Burge, a spokeswoman for Universal Music, the largest shareholder in Vevo, declined to comment. Jeanne Meyer, a spokeswoman for EMI, said talks with Vevo are “ongoing.”

With EMI joining Vevo, Warner Music Group Corp. will be the only one of four major record labels that isn’t part of the venture.
Negotiations are continuing, people familiar with the matter said. Will Tanous, a spokesman for Warner Music, declined to comment.

Warner Music, based in New York, reached a revenue-sharing agreement in September to sell advertisements alongside its videos on YouTube.