Google's YouTube is looking to make a $50 million equity investment in Vevo, Bloomberg reports.

Vevo is a streaming platform that lets you watch music videos from famous artists.

Last month, Peter Kafka at AllThingsD reported that Google was about to buy a chunk of its rival video platform, but didn't know the size of the deal.

Now we do.

Google would own less than 10% of the company, which would give Vevo a valuation of at least $500 million, according to Bloomberg's sources.

This is reportedly part of Google's efforts to keep Vevo's music videos on YouTube.

"While we don’t comment on individual negotiations, we always hope to renew our relationships with valuable partners so we can continue to provide YouTube users with the best possible music experience,” Google spokesperson Chris Dale told Bloomberg in an e-mailed statement.

If the deal goes through, it will be the second time in the past year that Google has directly invested in a video company that relies on YouTube for distribution. In May 2012, Google invested in Web video network for gamers Machinima.