A new video-sharing website may be in the works, as the four major music labels -- Universal, Warner, EMI and Sony BMG -- are in preliminary talks for creating their own web portal, according to a weekend Financial Times report. Early last week, news came of the four labels planning to band together to create a site devoted to music videos and related content. More recently word has leaked of the three options the labels are considering, due to unhappiness with the ad revenue derived from the Google-owned YouTube. Under consideration is a premium service on YouTube, a totally new site, or a partnership with Hulu, the film and TV site jointly owned by News Corp. and NBC Universal.

Thus far the Hulu option may be the most likely, as unnamed representatives from two of the involved labels say they are in talks with Hulu. "If it [a video deal] happens at all it will be with Hulu," one of the sources claims. Such a deal would not rule out any other options, however, and the labels may well be interested in providing premium content to sites such as YouTube, which recently began displaying videos in high definition. Just last week however, music videos copyrighted by Warner were being pulled from YouTube as contract talks between the two companies came to a halt. [via Silicon Alley Insider]