Viacom, Warner Set Wireless Video Venture

There will be much streaming.
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Warner Music Group

(WMG) - Get Report

and

Viacom's

(VIA.B)

MTV Networks are linking up in what appears to be the first deal of its kind for mobile music content.

The licensing deal covers use of Warner's music videos within original mobile programming developed across MTV Networks' programming properties.

The deal allows MTV Networks to create and distribute Warner videos for mobile devices. Artists in the Warner stable include Green Day, Sean Paul and Mana.

At this point, MTV, along with its various channels such as VH1, is the only company to which Warner Music has licensed its roster for wireless use.

"This is a highly unique and exciting relationship, one that helps us realize the full potential of our music video assets while giving Warner Music's emerging and established artists new platforms for reaching more of their fans on a global scale," said Warner Music Group Chairman Edgar Bronfman Jr.

"Today's digital age has created a new world in the music industry, one that requires innovative thinking about the way business has to be done to meet the evolving needs and demands of our audiences," said Judy McGrath, CEO of MTV Networks.

Early Monday, Viacom rose a dime to $33.46 and Warner added 14 cents to $18.25.