Internet video competitors Google Inc. (GOOG) and YouTube Inc. each announced a flurry of content deals on Monday as the two rivals sought to solidify their stakes in the online video market.

The deals come amid rumors that the two companies are in discussions for a $1.6 billion Google buyout of the top online video site.

The user-generated video site YouTube inked agreements with Universal Music Group and CBS Corp. (CBS) that will allow the upstart video site to offer news, sports and music content from the two media giants. The deal with Universal Music brings to an end a dispute over the rights to the music company's artists online.

In similar deals, internet behemoth Google struck agreements with Sony BMG and Warner Music Group to offer music videos online.

YouTube reached a distribution agreement with Sony Music in September.

Sony BMG is a joint venture of Sony Corp. (SNE) and Bertelsmann AG . Universal Music Group is controlled by France's Vivendi. CBS split from Viacom (VIA) early in 2006.

FOXNews.com's Alex Duncan, Reuters and the Associated Press contributed to this report.