Render videos in CKEditor (WYSIWYG) I am using Media Module 2.x.alpha2 + File Entity Alpha2

Using WYSIWYG (CKEditor)'s Add Media button I can upload videos but there is no proper file formatter to display it in the page, all I see is: 

&lt;source type="video/mp4" src="http://path/sites/default/files/myfile.mp4"&gt;&lt;/source&gt;
&lt;source type="video/ogg" src="http://path/sites/default/files/SSA50002.ogv"&gt;&lt;/source&gt;


How can I properly rewrite the code to have a proper formatter etc:

&lt;div id="video_lightbox_myvideo" class="lightbox" style="display: none;"&gt;
&lt;embed name="player_1" id="player"
          type="application/x-shockwave-flash"
          pluginspage="http://www.macromedia.com/go/getflashplayer"
          width="800" height="600"
          src="http://path/wel/players/jwflvplayer/player.swf"
          allowfullscreen="true"
          allowscriptaccess="always"
          flashvars="file=' . $video_path . '&amp;fullscreen=true&amp;image=' . $video_preview . '&amp;skin=http://path/wel/players/jwflvplayer/skins/mainley.swf"&gt;
          &lt;/embed&gt;
 &lt;/div&gt;
Instead you can use Wysiwyg Media Embed module to embed videos.


  This is an integration of the CKEditor MediaEmbed plugin for the
  Wysiwyg module.