Youtube & Paramount: The New Partnership!

YouTube announced a new deal with Paramount Pictures to rent online some 500 films, including “Hugo” , “The Godfather”  and many others.

The agreement announced Wednesday makes Paramount the fifth major Hollywood studio to join YouTube’s online video store, a growing rental library that typically charges $2 to $4 per viewing. 20th Century Fox is now the only major studio holdout.

Terms of the deal were not disclosed and it was not immediately clear why the two companies, whose parent companies have sparred in court for years, decided to put their differences aside for this licensing agreement.

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