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You may have heard by now, but the big news today is that XBL is getting TV and movie downloads. It’ll be called Xbox Live Video and launches Nov. 22nd.

Here’s how it works: The videos and movies will be in high definition. We’ll own the TV shows we purchase, but movies are rentals and will expire after 24 hours. TV shows can be downloaded an unlimited amount of times and are not tied to the console, so yes, you can get them at a friend’s house. So far, CBS, MTV, Paramount, TBS, UFC, and Warner Bros are signed up to provide content.

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