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Time Warner (NYSE:TWX) and YouTube said Wednesday that they have signed an online video distribution deal.

Under the pact, YouTube will distribute Time Warner short-form video content, including movie clips, television shows and news. Time Warner properties—Warner Bros. and Turner Broadcasting System—will program YouTube videos via an embeddable player.

According to a statement, YouTube will get access to CNN news, the Cartoon Network and shows such as Gossip Girl. Time Warner video will appear across Google (NASDAQ:GOOG) properties. Time Warner can also create separate channels on YouTube and sell ad time. The two parties will split ad revenue.

Time Warner CEO Jeff Bewkes said the YouTube deal was a good way to monetize short-form content.

The deal appears to be a win-win. YouTube gets more professional content and Time Warner is allowed to sell ads and control channels.

Source: Time Warner, YouTube Sign Distribution Agreement