Time Warner (NYSE:TWX) said Wednesday it reached an online video distribution agreement with Google’s (NASDAQ:GOOG) YouTube to distribute movie clips and shows on the popular video Web site.
The agreement will allow Time Warner’s Warner Bros. Entertainment and Turner Broadcasting System to program videos on YouTube using a Time Warner embeddable player, and also allow videos from Time Warner properties to appear across Google’s product suite.
YouTube will host the content made available from a wide range of Time Warner-owned television shows and movies. Viewers will have easier access to a wide selection of existing and future clips, ranging from CNN news coverage to Cartoon Network and TNT’s hit dramas. This deal gives Time Warner also the ability to create separate channels for its key participating brands as well as to control and sell the ad time on YouTube.
“Our agreement with YouTube helps us expand the amount of our promotional content, animation and news that we already make available online,” said Jeff Bewkes, Time Warner chairman and CEO, in a statement. “Working with YouTube, we expect to improve our ability to monetize this short-form content through new and creative advertising initiatives.”
“This partnership with Time Warner will provide our community with some of the most popular video content produced,” said Chad Hurley, co-founder and CEO of YouTube. “We hope to build on this deal and look forward to a long and productive relationship.”
Under the agreement Time Warner’s properties will share ad revenue with YouTube.