YouTube and Time Warner finally reached agreement on a video-distribution pact, but it only covers clips of the media giant’s movies, TV shows and news content, and not entire installments.

Under terms of the agreement, Time Warner units Warner Bros. Entertainment and Turner Broadcasting System will program videos on the Google-owned video-sharing site using an embeddable player from Time Warner. The media giant can also create separate channels for its key participating brands and control and sell ad time on YouTube.

Time Warner’s HBO premium cable network has been programming a branded channel on YouTube since early last year, offering promotional content from its shows including True Blood, Hung and Entourage.

Time Warner chairman and CEO Jeff Bewkes said:

Our agreement with YouTube helps us to expand the amount of our promotional content, animation and news that we already make available online. Working with YouTube, we expect to improve our ability to monetize this short-form content through new and creative advertising initiatives.

And YouTube co-founder and CEO Chad Hurley added:

This partnership with Time Warner will provide our community with some of the most popular video content produced. We hope to build on this deal and look forward to a long and productive relationship.