Netflix has entered a new deal with Epix, through which it will let Netflix users instantly watch new releases and library titles from Epix. The movies will begin streaming on September 1, and include content from Paramount, Lionsgate, and MGM.

YouTube is set to announce today that it has reached an agreement with MGM to show full-length television shows and films from the studio.

MGM says it will post old episodes of its "American Gladiators" program to YouTube on one channel.

MGM will also post full-length action films like "Bulletproof Monk" and "The Magnificent Seven" along with clips from popular movies like "Legally Blonde." The content will be free to watch and ad supported.

We’re fairly certain (and extremely hopeful) that this won’t result in purple costumes and exclamation marks being scattered throughout any movies.  Still, there’s a rumor that former Yahoo CEO Terry Semel might invest in New Line Cinema or MGM.