It’s official—Disney Media Networks and YouTube have announced the revenue-sharing short-form deal we first reported last night. The deal with the Google (NSDQ: GOOG) video portal covers the launch of multiple ad-supported U.S.-only channels featuring content from ESPN and the Disney/ABC Television Group. Previews are up now (ESPN, ABC); the ESPN channel will launch mid-April, ABC in mid-May.

—Full episodes still on the table: The news we reported last night about Google and Disney being in discussions about a deal that would put ABC’s long-form content on YouTube surprised some at Disney (NYSE: DIS). I am told those discussions continue—as do serious discussions with Hulu—but that no announcement is imminent. Then again, sometimes a little sunshine speeds up growth. None of this was part of today’s announcement, of course. Also not mentioned: plans to update YouTube’s navigation, look and video player to better showcase premium content. 

Some details about the short-form YouTube channels after the jump.

—We were told emphatically that Disney would control the ad inventory. The way it’s put in the release: “Disney Media Networks will have the option to sell their own advertising inventory within the Disney/ABC and ESPN channels.” The channels “will be supported at launch by advertising like YouTube’s InVideo overlays, and traditional display ads” but ESPN and ABC will be able to “test pre-roll advertising on short-form content.”

—The ESPN video player, which share DNA with the ABC player, will be integrated into the ESPN channel and “will anchor a wide variety of exciting sports content and highlights” on YouTube Sports. But some ESPN content will be available through YouTube’s player. Memo to the cable operators and others who pay substantial license fees for ESPN networks: “ESPN content that is available on the ESPN channel and player will not contain long-form content from its linear networks.” ABC’s video will be shown in YouTube’s player.

—It’s not in the release but I’ve confirmed (again) that ABC and ESPN will be able to link back to long-form content on their own sites.

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