YouTube has just held a conference call to announce that it has negotiated a deal with Warner Music Group, the major record label that pulled off the world's most popular video portal after feeling shortchanged by the revenue its videos were driving. Many details of the deal have been rumored for the last few days, and were confirmed accurate: WMG will be putting its full catalog back on YouTube and will have the ability to sell its own advertising against both its premium music videos as well as user generated content that features a WMG song.

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