YouTube (GOOG) is renewing its contract with top online music video platform Vevo, and is also taking a stake in the studio-backed JV. Billboard reported in Feb. YouTube was in talks to pay $50M for a 7% stake. The deal should allow YouTube to maintain its dominant online music video position, and keep Vevo from cozying up to Facebook (FB), which was also reportedly talking with the company about an investment. No word on whether the deal covers YouTube's rumored online/mobile music video subscription service. On mobile, Vevo both provides content for YouTube, and (via its own popular apps) competes against it.