Google, YouTube Get Musical

"We're pleased to be the first network to strike a major content deal with what is clearly one of the fastest growing new media platforms out there," said CBS in a press release. "This strategic partnership is a unique development in CBS's continuing initiative to monetize our industry-leading content across new distribution platforms. We're now able to offer select entertainment, news and sports programming to a new significant audience, get paid for it, and learn a few things along the way."

The new pacts come amid widespread speculation that Google is planning to acquire YouTube in an effort to control the exploding demand for online video content that was tapped into by the fledgling Internet start-up. Also, more traditional media companies are struggling to figure out how to adopt their business models to Internet distribution without losing major revenue streams.

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