• D: All Things Digital, Thursday, July 19, 2007 11:15 AM

Lloyd Braun, the Hollywood mogul-turned Yahoo outcast, is taking his second stab at a Web venture, teaming up with former Paramount executive Gail Berman to produce original content that gives a "first-look," the right of first refusal, to client Pepsi Entertainment for any ideas the pair produces. Even if Pepsi passes on a project, it might still have a financial interest in whatever Braun and Berman produce.

The report is light on details, including financing, compensation and the type of content to be produced. But both sides touted the arrangement as a new kind of marketing-entertainment relationship aimed at interactive content for younger kids-presumably with Pepsi's name all over it.

Braun said: "We want to create great online content ... and also something that is more than a glorified Internet ad at the same time." Added Russell Weiner, vice president of marketing for colas at Pepsi-Cola North America: "A lot of online content is already developed and ads and marketing are slapped on afterward. We want to be part of the DNA ... from the very beginning." Still, there have been few professionally-produced "hits" on the Web: The AOL celebrity site TMZ.com and the political cartoonists from JibJab come to mind, but not many others.

Read the whole story at D: All Things Digital »