Microsoft and Universal Music Group say they have struck a licensing deal for the software company’s new Zune portable music player and digital music store that calls for the recording company to get paid a cut of the sales of the device.

Executives at both companies declined to disclose the financial terms of the deal, which is expected to be officially announced early Thursday.

Redmond-based Microsoft Corp. is pursuing similar agreements with other major record labels, Chris Stephenson, general manager of global marketing for Microsoft Entertainment, said late Wednesday.

Zune, which is scheduled to be released Nov. 14, is Microsoft’s attempt to compete with Apple Computer Inc.’s market-leading iPod player and iTunes music service. The device, which will sell for $249.99, lets people share songs, playlists or pictures over a wireless connection with nearby Zune users.

By paying record labels a portion of Zune player sales, Microsoft hopes to have more freedom to allow song-sharing or other promotions, Stephenson said.

Tags: Zune, iPod, iTunes, Microsoft, Portable Music Player