It's not a great rate on its own (on the lower end of possible CPM rates) but on top of existing YouTube revenue it's not bad. For popular clip channels it's a better deal than being commissioned to make clips for the talent/corpo's channels since it lets them hold at least a bit of ownership over it to keep the passive revenue coming, rather than being paid a flat rate then forgotten about.
The problem with this arrangement is that they're obviously not going to approve anything that's not good optics. You'd be letting a big nose man dictate how you run your own channel, which is not an arrangement I'd personally be happy about.