Microsoft and Viacom have signed a multi-year deal to collaborate on games, advertising, distribution and promotions.

A report on says that Microsoft will make television and movie content from MTV, Comedy Central, Paramount Pictures and other Viacom-owned properties available on Xbox Live Marketplace and MSN, while Viacom will be the company’s “preferred publishing partner” for casual gaming efforts. The deal is reported to be worth roughly $500 million “in financial considerations and business services.”

“This is a novel and comprehensive partnership that demonstrates the scale of our digital operation and the value of our branded content across all distribution platforms,” said Viacom CEO Philippe Dauman. “By taking advantage of industry-leading assets and both our companies, this landmark alliance brings valuable promotional power and increased monetization to our wide portfolio of branded websites, which collectively represent the leading entertainment presence online.”

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