NEW YORK -- YouTube, Inc. and CBS Corporation (NYSE: CBS.A) and (NYSE: CBS) have struck a strategic content and advertising partnership announced today by Leslie Moonves, President and CEO of CBS Corporation and Chad Hurley, CEO and Co-Founder of YouTube. The deal calls for the CBS Television Network, its premium television service provider, Showtime Networks Inc., as well as its basic cable/digital media service, CSTV Networks, Inc., to offer the YouTube community a wide variety of short-form video programming from its news, sports and entertainment divisions on a daily basis beginning this month. YouTube and CBS will share revenue from advertising sponsorships of CBS Videos.

In addition, CBS is the first TV network to test YouTube's new advanced content identification architecture and reporting system which will allow CBS to protect its intellectual property by identifying and locating copyrighted CBS content on YouTube. CBS will then have the opportunity to either remove it from the site or, at CBS's sole discretion, allow it to remain. If CBS allows the content to remain on the site, CBS will share in any revenue from advertising placed adjacent to the content.

"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 Moonves. "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."

YouTube Inc.

CBS Corp. (NYSE: CBS)