TOP NEWS Launches Online Video Site

A new startup, Santa Monica-based MOVIECLIPS.COM, said late Wednesday evening that it has launched a new online video site featuring movie clips and scenes. The Movieclips site allows users to search for scenes from major movies, and embed them on Facebook, MySpace, and other web site. Movieclips said that it allows fans to watch and share more than 12,000, two minute long clips from 20th Century Fox, Metro-Goldwyn-Mayer Studios Inc., Paramount, Sony Pictures, Universal Pictures and Warner Bros. Pictures. The firm said its advisory board includes author Clayton M. Christensen, former Academy of Motion Picture Arts and Sciences President Sid Ganis, Michael A. Helfant, Co-CEO of Troika Pictures; Josh James, co-founder and CEO of Omniture, and Ryan Wright, SVP of Sony BMG Music. A recent regulatory filing by the firm indicates that it recently raised $1.5M in a Series AA funding round.