The “first-look” deal the new production team of Gail Berman and Lloyd Braun signed with NBC Universal lacked an online component, a particularly noticeable gap given Braun’s focus in that area at Yahoo. Now that gap has been filled for at least six months by Pepsi Entertainment, which will get first dibs on any original online content produced by BermanBraun. As Variety notes, Braun worked with Pepsi-Cola North America when he was at Yahoo, where the company sponsors some entertainment.

Now all the duo needs is someone to head the online business. They plan a “digital content studio” at their Santa Monica offices.

AllThingsD: Kara Swisher says the production company and Pepsi describe it as a new kind of marketing and entertainment partnership. No financial details “although such material is likely to cost well under a million dollars per project, relatively inexpensive by old media standards.”  Braun: “We want to create great online content…and also something that is more than a glorified Internet ad at the same time. So we’ll work with Pepsi hand-in-hand to bake new kinds of ad solutions right in organically at the earliest possible moment.”

Fizz or fizzle? “First look” deals often disappear into oblivion but every so often they pay off and sometimes they pay off big.

• Braun Watch: BermanBraun Gets NBCU TV Dev Deal
• Lloyd Braun Resurfaces; Launching Multiplatform Production Firm With Gail Berman