CBS will reportedly announce a new video player tomorrow, featuring a raft of new features including new ad targeting, content sharing and augmented social capabilities.

AdAge writes that the player will use a content and advertising engine CBS picked up in its acquisition of Last.fm. The player will feature HD capabilities that won’t require a download (we already gave CBS Interactive President Quincy Smith heck for flip-flopping on HD). There will also be content sharing features that we’ve read include embed functionality, and screening rooms where people can watch and discuss video together online. We’ll update you as soon as the official announcement is made with the full feature list.

It’s fun to watch the scales fall from the eyes of the big networks as they begin to see the light that is the power of online video. They haven’t fully figured it out yet; ABC seriously hobbled its new video player and NBC only allows embeds on certain content (it’s free-er with its content on Hulu). But as CBS Interactive President Quincy Smith pointed out at NewTeeVee Live last year, old media is going to great lengths to learn new media, and that is starting to show.