Facebook is trying to set up deals with major record companies to put music videos in your News Feed, both Billboardand The New York Times report, as part of an attempt to capture a share of the market currently dominated by YouTube. According to the publications, the social network has held preliminary discussions with multiple labels over the past few weeks, and is looking to start inserting videos selected by record companies in the coming months.

The social network reportedly plans to share ad revenue with labels, but terms of the deal have not yet been finalized. Billboard reports Facebook is offering the same split in ad revenue that YouTube currently does — with 45 percent going to the social network, and 55 percent to rights…

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