The Lion sleeps in YouTube’s jungle and the rest of the world will just have to accept the changing of the guard. With the Internet becoming more of a viable commodity, MGM Films and YouTube have created a deal that will benefit both parties and you, the viewing community, greatly.

Eager to monetize its library howevery possible, YouTube will be allowed to stream certain MGM films and TV shows in their entirety in exchange for ad revenue. Google’s video sharing site has been heavily courting Hollywood to broaden its offerings beyond short user-generated content.

The pact gives the site a better chance to compete against Hulu – the joint venture between News Corp. and NBC Universal – which streams TV episodes and flicks in its entirety.

MGM will limit offerings to protect their own interests, it will initially allow YouTube to stream certain action flicks like Bulletproof Monk and The Magnificent Seven, along with clips from Legally Blonde. Viewers will be able to stream episodes from American Gladiators in its entirety, but sadly, the James Bond films aren’t a part of the deal.

While YouTube clearly wants to add more deals and Hollywood content soon from Warner Bros. and Sony, Sony in the least is offering minisodes on YouTube, much the way it does with Crackle.

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