Goodbye royalty, hello equity: there's nothing "advisory" about this capital.

This deal between YouTube and 4 of the major content owners is really, really interesting.

What we are seeing here is the worm turning - the content owners are grabbing a slice of the new media networks.

When Doug Morris calls YouTube a copyright infringer and then signs an equity deal with those self same infringers, you are seeing the owner of the unique resource firing a warning shot and then strongly asserting their rights to a big upside in the success their content helps create.

Why would YouTube/Google give up serious equity to some guy with no rights, and not give any to advisory capitalists? Simple: the content owners actually bring something unique to the party, something YouTube really cannot live without. Take it away and you have the burnt out shells that are Kazaa, Napster etc. Take away advisory capitalists and you might have a business model worth a bean....