According to reports, Universal Music Group, the world’s most dominant record label, is attempting to launch an uncensored, 24-hour music television channel.Dubbed 1 AM in an attempt to pay homage to the first amendment, the new channel is being backed by Eminem’s Shady Records, p#### company Vivid Entertainment Group and the Endeavor Talent Agency.While a formalized business structure has yet to be reached, sources stated Universal and Vivid would retain a 45% stake, while Eminem’s Shady Records and Endeavor would hold 5% each.Jimmy Iovine, head of Interscope, will also have a major role in bringing the network to fruition.The new channel would be the only one with major record label backing in the United States, which houses the biggest worldwide market for television.The channel’s proposed content would include uncut videos, live concerts and complete song lyrics.It will operate as a pay channel, similar to Cinemax, HBO or Showtime. 1 AM is aiming for a July launch date, in an attempt to beat the launch of Hype TV, short for Hot Young People’s Entertainment Television.Hype TV is partly owned by Bad Boy Worldwide, headed by Sean “P. Diddy” Combs. Hype plans to run uncensored music videos and movies as well.