Media heavyweight Time Warner and the number one video sharing site on the interwebz, YouTube, have just reached an agreement which will see the former provide a heap of short-form content like clips from movies, TV shows and such, for viewing, on YouTube.

According to the signed agreement, the videos coming from Time Warner will be available on YouTube and across Google's product suite via a proprietary embeddable player, with the ad time for each clip set to be sold by Warner Bros. Entertainment and Turner Broadcasting System. The resulting ad revenue will be shared by TW with YouTube.

"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."

This deal is expected to start taking effect later this year and it apparently only covers the US.