WSJ — Oct 14 — A number of major media companies have banded together to explore the legal implications of the video site’s unauthorized use of copyright material. YouTube contends that it hasn’t run afoul of copyright laws, because it immediately removes clips when rights holders complain. YouTube could be liable for $150,000 per unauthorized video. Time Warner CEO Richard Parsons made ominous hints about what course he would pursue if YouTube doesn’t agree to a deal. Google has partnerships and ownership stakes in a number of media companies which could ease negotiations. So far, YouTube has struck deals with NBC Universal, CBS Corp. and with most of the major music companies and is building a system that would help automate identification of videos containing copyright material, and share af revenue with content owners. FULL ARTICLE @ WALL STREET JOURNAL
Mark Brooks: Google must have been very confident in it’s deal making abilities to make the YouTube deal. Google has charted a course towards offline media advertising, which would make them both a friend and foe of the companies they will need to appease over the copyright infringements. Watch this space.
I just hope that everything will be settled before everything will blow out of proportion. Else, the billion-dollar payout may be only a waste.