Viacom is in the online video news a lot this week. First, was the groundbreaking news of their partnering with Google to distribute television content to web sites along with an advertising revenue split.

In another move to extend its online presence, Viacom's MTV Networks Wednesday said it agreed to purchase Atom Entertainment for $200 million. With the acquisition, MTV Networks will gain Atom Entertainment's four major units: gaming sites Shockwave.com and addictinggames.com, and short-form video sites AtomFilms.com and AddictingClips.com.

In seperate news, Viacom's finished their upfront for MTV, BET saying they had flat CPMs and modest volume gains. Despite advertising marketplace softness, Viacom's worldwide cable network revenue grew 8 percent in the second quarter to $1.75 billion.