In an initiative to invest heavily in original programming YouTube launched two new channels this past monday. YouTube is said to be sponsoring as many as 100 new channels. The two new channels debut less than a day after Hulu, one of their largest competitors, announced yet another original series (titled: Battleground).

The First of YouTubes new channels is titled Entertainment News Television and will feature emerging entertainment news, seven days a week, 24 hours a day. The channel is a co-production between ION TV and Penske Media corporation.

The second to debut was The Young Hollywood Network. This channel will feature hollywood based material including lifestyle shows, behind the scene’s footage, and celebrity interviews. Here’s a clip:

Apparently The Young Hollywood Network is not going to be a cheap venture. It will be up and running 24/7 just to meet their commitments and keep production on schedule. Sponsors for the new channel include coca-cola, Research in Motion, and Samsung.

Other original programs which are already up and running on YouTube include; The Onion News Network, World Wrestling Entertainment’s Fan Nation, and DanceOn (backed by Madonna).

Also of interest in the entertainment world, Is Yahoo’s announcement of a new collaboration with Tom Hanks’ Playtone Productions, to create a new animated series titled, Electric Town.