Disney-ABC Television Group, a division of Walt Disney Co. (NYSE: DIS), and AOL, a unit of Time Warner Inc. (NYSE: TWX) have announced the availability of full-length episodes of popular primetime shows on AOL Video. The shows will be available via a co-branded version of ABC.com's broadband player and starting next week will feature ABC's new fall lineup of programming.

Additionally, the two companies will team to offer select short-form programming from ABC through an embedded short-form player, which will debut on AOL later this year and will include both original and derivative content from ABC. Here is part of the programming that will be offered the day after their broadcast premieres:

Time Warner, Inc. (NYSE:TWX) announced something new for its AOL Video unit today. AOL and Brightcove announced a new distribution service for selling digital video downloads. Video publishers can now package and sell video downloads through AOL Video and receive revenue from sales.

Using Brightcove, any video publisher can easily have their video downloads distributed and sold through AOL Video. Videos can be indexed in the AOL Video Search engine and can be browsed through the AOL Video portal. Consumers will be able to purchase and download the videos and watch them on their computers, network connected TVs or other devices.

It's a sign of companies getting more involved in trying to monetize their content delivery systems. As Brightcove's CEO says, "As the market for online video grows, both emerging and established media companies are looking for more options to reach consumers with their paid downloads."

Also according to the release, Video publishers interested in selling videos through AOL Video can sign up at here or get a free Brightcove Network account. Publishers can also sell the same video downloads through their own site, using the Brightcove publishing services to create a custom broadband channel.

AOL Video has added Viacom's Paramount Pictures to its growing list of content that is downloadable at AOL Video. Full-length movies and TV shows from Viacom's network and from the studios of Paramount Pictures will start emerging from the AOL Video site soon.

I see this as a very nice addition to a growing online video outlet that AOL, a division of Timer Warner, Inc. (NYSE: TWX) needs to keep visible in the face of competition from Google, Inc.'s (NASDAQ:GOOG), YouTube, Apple Computer's (NASDAQ:AAPL) iTunes and possibly Microsoft Corp.'s (NASDAQ:MSFT) Zune store soon -- and that's just the start.

AOL Video, which debuted to the world in August, includes content from Twentieth Century Fox Film, Sony Pictures, Universal Studios and Warner Bros. Studios -- and now, Paramount Pictures.

AOL Video users can download and watch video content that ranges in price from $10 to $20, and AOL Video customers also have the option of streaming free video directly from the site in addition to downloading "to-own" video content that becomes the property of the customer once paid for and downloaded.

AOL continues to re-invent itself from a stodgy and behind-the-times provider of slow Internet access into a current generation media company. This is a good thing for the company, as it would be going far, far away, if it had not started making changes in the last year or so.

Although AOL waited much longer than it should have, the company's energy is not going away, even with dastardly foibles, like leaking sensitive user search information. To its credit, the company did act quickly and the heads did roll.

Now, AOL has joined the digital content revolution -- insofar as online movie downloads -- and will be offering digital movie downloads from almost all the major movie studios. AOL said yesterday that it has cut deals with several movie studios -- Twentieth Century Fox Film, Universal Studios, Sony Pictures Entertainment and Warner Bros. Entertainment. These agreements will serve to make full-length movie downloads and related content available at AOL's video site.

With online video being the new net sugar these days, AOL is getting into the game at the right time. Google Video, YouTube and others are making strides in self-made video markets, and Google Video and iTunes are selling full episodes of television sows for a fee. AOL looks to be selling actual full-length videos -- for a fee -- soon. The success number will be measured by the customer count.

YouTube is certainly a frustration for traditional media players. YouTube does not make content (it's user-generated content); yet, it is the biggie in the online video category, with more than 100 million video views per day. In fact, even Internet behemoths, like Google, Microsoft and Yahoo, can't seem to do anything about it.

But, literally every day, the competition is getting tougher. A new entrant: AOL Video.

At the core, AOL Video is a search engine. Interestingly enough, it's not an AOL-only search system. For example, the company has cut deals with companies like Viacom. There are also tools for users to create their own content.

AOL Video is the result of savvy acquisitions, such as for Truveo and Singingfish. Basically, AOL has some next-generation technologies – for the next big thing in search; that is, video search.

What's more, AOL is going to try a variety of business models, such as advertising, subscriptions and renting. AOL Video also goes beyond the desktop and allows for videos on cell phones and handheld devices.

On Wednesday, AOL will announce some major changes to its business (perhaps going towards an ad-model). As for AOL Video, it's certainly a very good start.