Search engine powerhouse

Google

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announced deals Monday with music labels

Warner Music Group

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and Sony BMG Music Entertainment to distribute their music video content online.

Meanwhile,

YouTube

, the online video hub rumored to be negotiating a sale to Google, announced similar agreements with Sony BMG and Universal Music Group, along with a revenue-sharing content deal with

CBS

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.

Through its agreements with the two music companies, Google's users will be able to stream content from the Warner Music and Sony BMG music video collections for free. Google's advertisers will sponsor the music video offerings, and the resulting revenue will be shared by Google and its content partners.

"Our partnership with Google is rooted in the pioneering approach we've used to offer fans more music, while benefiting artists and protecting copyrights," said Warner Music in a press release.

YouTube's deals with Sony BMG and Universal Music will allow the video Web site to make available a variety of music videos. YouTube users also will be able to include certain Sony BMG and Universal Music sound recordings into their uploads.

Universal Music is a unit of

Vivendi

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, while Sony BMG is jointly owned by

Sony

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and Bertelsmann.

For its part, CBS will distribute short-form video programming from its news, sports and entertainment divisions on YouTube's Web site on a daily basis beginning this month. The two parties will share revenue from the resulting advertising sponsorships of CBS videos.

"We're pleased to be the first network to strike a major content deal with what is clearly one of the fastest growing new media platforms out there," said CBS in a press release. "This strategic partnership is a unique development in CBS's continuing initiative to monetize our industry-leading content across new distribution platforms. We're now able to offer select entertainment, news and sports programming to a new significant audience, get paid for it, and learn a few things along the way."

The new pacts come amid widespread speculation that Google is

planning to acquire YouTube in an effort to control the exploding demand for online video content that was tapped into by the fledgling Internet start-up. Also, more traditional media companies are struggling to figure out how to adopt their business models to Internet distribution without losing major revenue streams.