Shark week is big right now

If at first you don't succeed, redesign and relaunch. Two years after the debut of AOL Video, AOL is premiering an updated version packed with social media features: sharable music videos and "virals," news clips and full-length TV shows (including Shark Week coverage!), much of it from partners like ESPN, MTV and Discovery Networks, according to Broadcasting & Cable.

The new AOL Video can be integrated into AOL programming sites and international properties (i.e., AOL Music, AOL Television, GameDaily).

Users can use the portal for browsing and playback, as well as search for video clips from a library of about 200 million videos. Some, including music videos, news clips, movie trailers, viral videos, and select shows, will be free for the taking; others will have a price tag per download. The company has syndication deals with all four major networks and ESPN — which has no such relationship with any other sites.

Advertisers may also be pleased with the introduction of custom video channel sponsorships, which will allow them to present contextual ads based on the type of content shown on a given channel.

Time Warner is likely to split AOL's advertising and content business from its waning internet access business. Rumors that it may sell some or all of AOL's appendages will circle until Wednesday, when its Q2 results are announced.