No this is not the title of some video clip on YouTube. This is the story about YouTube itself. The mainstream media has finally behaved sensibly and instead of seeing YouTube as a threat (which of course it is!), it is now looking at the opportunity potential that the fledgling video community service offers. This is in marked contrast to what happened in the music industry where all the big players ganged up in defence against Napster.

It is significant that YouTube CEO Chad Hurley was invited to the Allen & Co. media conference in Sun Valley, Idaho, a mainstream media event, where even Google wasn’t invited till it had completed five years of existence.

Just 17 months ago, Chad Hurley was squirreled away in a Silicon Valley garage running up credit card debt as he and business partner Steve Chen developed the quirky Internet video site that became YouTube Inc.

During the past two days, Hurley has emerged among the main attractions at an elite media summit in Idaho, where the 29-year-old entrepreneur is seizing upon the attention to further his quest to establish his San Mateo, Calif.-based startup as an entertainment and advertising hub.

“There is a big wave of video coming online and these (media) guys want to work with us to stay relevant in this changing marketplace,” Hurley said during an interview with The Associated Press. “This trend in the Internet isn’t changing, so we are working with them to find solutions on how they can embrace what we are doing and really leverage that to help their business.”

Media giants like NBC, CBS and Walt Disney have already started their initiatives with YouTube. Wal-Mart and Home Store are the other big-guns working on their YouTube stratgey. Read the full story here on Yahoo! News.