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YouTube Reaches Deal With MGM On Films

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.

Terry Semel Wants New Line Cinema?

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.