YouTube finds new partner in EMI

NEW YORK (CNNMoney.com) -- EMI Music became the latest music company to partner with Google's online video sharing site YouTube, announcing Thursday it would give viewers access to videos and recordings of EMI artists.

As part of the deal, users will be able to watch videos and recordings from such EMI artists as David Bowie, Coldplay, Lily Allen and Norah Jones.

"We're excited to add EMI Music's stellar roster of artists' content to our site and make it available to our community," Chad Hurley, CEO and co-founder of YouTube said in a statement.

The companies did not disclose the financial terms of the deal, but Eric Nicoli, CEO of EMI Music's parent company EMI Group said in a statement that the company and its artists "would be fairly compensated for their work."

"Working with YouTube under this agreement meets EMI's objectives to offer consumers the best possible entertainment experiences, to create new ways to connect our artists to fans and to enter into innovative business models that will generate revenues for our business and our creators," said Nicoli.

As a result of Thursday's announcement, all four major music companies - EMI, Universal Music, Sony BMG and Warner Music (up $0.00 to $16.70, Charts) - have entered partnerships with YouTube.

Other media firms like GE (down $0.15 to $37.58, Charts, Fortune 500)-owned NBC Universal and CBS (down $0.17 to $33.18, Charts, Fortune 500) have also inked deals with the online video sharing site, but not all have been wooed by YouTube.

The media giant Viacom (up $0.17 to $44.70, Charts), which owns such properties as the MTV networks and Paramount Pictures, announced earlier this year it was suing YouTube and its parent company Google for copyright infringement and was seeking more than $1 billion.

Shares of YouTube's parent company Google (up $6.95 to $505.55, Charts, Fortune 500) were 1.5 percent higher in midday trade Thursday on the Nasdaq.