Google Inc's online video streaming service You Tube is making arrangements for a deal with Hollywood to rent new release movies online. The Wall Street Journal's website reported the talks on the proposed agreement on wednesday. The movie rentals offered by iTunes, Amazon . com etc falls between $1.99 and $3.99 each with a 24 hour viewing period.The studios with which You tube plans to take up he deal includes Lions Gate Entertainment Corp., Sony Corp.’s movie studio, Time Warner Inc.’s Warner Bros. and Metro-Goldwyn-Mayer Inc., all of which already have ad revenue—sharing deals with YouTube.