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Tutorial Overview:
Start Sony Vegas and create a new project (PROJECT -> NEW). In the "Video"-field choose "match media settings" and select the created background loop from Part 1 of our tutorial. Sony Vegas will create a project with NTSC-widescreen settings (864x486 / 29,97 fps).
Open up your image-editor (Adobe Photoshop, Gimp, etc ...) and create a black and white image for the overlay. Set the image size to 864x486 to match the Sony Vegas project setting. All the black areas in your image will be transparent, so that the video is shown. White areas will show the animation. Create someting like this:

You can download the sample image here: CLICK TO DOWNLOAD
Import the animation from "Creating a News-Intro Part 1" and the matte-image into your project (PROJECT -> IMPORT) (1). Drag the matte-image to the text-track (2) and the background-animation to the video-overlay-track (3):

Right-Click the matte-image (1), select "Media FX" and add "Mask Generator" (2). Don't change any settings and close the window to apply the effect.:

Now click the little icon (1) on the text-track and select "Multiply (Mask)" (2):

Next click on the arrow-icon on the overlay-track (1):

Select "PROJECT -> RENDER AS" to create a Quicktime file. Select a folder and a name in the output-settings. Click on Quicktime and select the "Movietools - Quicktime Alpha" template (1). If you don't created the Movietools Render-Templates for Sony Vegas before, please read here (link). Click on "Render" to create the movie.

To use your created overlay animation, simply import the rendered quicktime file to your project. Place it (1) on top of a video clip (2) in your timeline:

Remember to activate the alpha channel of the overlay-animation: Right-click the overlay-animation, select "properties", choose the "media"-tab and set the alpha-channel option to "premultiplied". Thats all :)
Here is a short video-sample, how the overlay-animation should look like:
Next time we'll create a logo-animation for our news intro.
Thanks for reading :)
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