As Sunil forecasted, lawyers at media companies are starting to get busy.

From WSJ

News Corp., General Electric’s NBC Universal and Viacom, Inc. are banding together to mount a potential lawsuit against Google, Inc. and its new acquisition, YouTube. This might be a negotiating tactic by the media companies to ensure that Google cuts them a favorable deal, but according to the group’s lawyers, YouTube could be liable for copyright penalties of $150K per unauthorized video. Viacom, for example, believes that video clips from its channels–including MTV, Comedy Central, and Nickelodeon–are watched 80,000 times a day on YouTube. That adds up to billions, if you do the math.