"...Google was in Hollywood trying to secure exclusive distribution rights to films and TV"
See Pirates deal

"Lions Gate is one of the last remaining independent studios in Hollywood and a deal would be relatively inexpensive for Google… LGF’s market cap currently stands at approximately $950 million, which is about the same as its annual revenues. Its vast library includes more than 5,500 film and TV titles"

As an investor, I would love see Google trying to maximize its profits with other ways and not only Adwords (aka advertisement). As a Google Fanboy, I remember, somebody once said, Google is no content provider – but wouldn't it be cool?

Source: Robert Young, GigaOm http://gigaom.com/2006/07/19/maybe-google-should-buy-a-movie-studio/