Operating under the theory that content drives the online user experience, Microsoft has announced two deals that could deliver an edge for the software maker turned internet advertising titan.

Speaking at the Consumer Electronics show in Las Vegas, Microsoft Chairman Bill Gates announced content deals with a slew of Hollywood media companies for Xbox Live and MSN. NBC Universal, the Walt Disney Co., MGM and CBS' Showtime Networks all will contribute entertainment content to either Xbox Live or MSN, according to a report in The Wall Street Journal.

In a separate deal, Microsoft signed on to manage a website for NBC's coverage of the Beijing Olympics. Under the terms of that deal, Microsoft will provide NBC with its Silverlight technology that lets users better customize the media experience. According to Gates, Microsoft's partnership with NBC will highlight how the internet will change TV.