Index: src/wp-admin/admin-ajax.php
===================================================================
--- src/wp-admin/admin-ajax.php	(revision 28353)
+++ src/wp-admin/admin-ajax.php	(working copy)
@@ -58,7 +58,7 @@
 	'wp-remove-post-lock', 'dismiss-wp-pointer', 'upload-attachment', 'get-attachment',
 	'query-attachments', 'save-attachment', 'save-attachment-compat', 'send-link-to-editor',
 	'send-attachment-to-editor', 'save-attachment-order', 'heartbeat', 'get-revision-diffs',
-	'save-user-color-scheme', 'update-widget', 'query-themes',
+	'save-user-color-scheme', 'update-widget', 'query-themes', 'filter-content'
 );
 
 // Register core Ajax calls.
Index: src/wp-admin/includes/ajax-actions.php
===================================================================
--- src/wp-admin/includes/ajax-actions.php	(revision 28353)
+++ src/wp-admin/includes/ajax-actions.php	(working copy)
@@ -2220,3 +2220,24 @@
 
 	wp_send_json_success( $api );
 }
+
+/**
+ * Apply `the_content` filters to a string based on the post ID.
+ *
+ * @since 4.0.0
+ */
+function wp_ajax_filter_content() {
+	global $post;
+
+	if ( ! $post = get_post( (int) $_REQUEST['post_ID'] ) ) {
+		wp_send_json_error();
+	}
+
+	if ( ! current_user_can( 'read_post', $post->ID ) ) {
+		wp_send_json_error();
+	}
+
+	setup_postdata( $post );
+
+	wp_send_json_success( apply_filters( 'the_content', wp_unslash( $_POST['content'] ) ) );
+}
Index: src/wp-includes/js/mce-view.js
===================================================================
--- src/wp-includes/js/mce-view.js	(revision 28353)
+++ src/wp-includes/js/mce-view.js	(working copy)
@@ -354,27 +354,7 @@
 	 */
 	wp.mce.media = {
 		loaded: false,
-		/**
-		 * @global wp.shortcode
-		 *
-		 * @param {string} content
-		 * @returns {Object}
-		 */
-		toView:  function( content ) {
-			var match = wp.shortcode.next( this.shortcode, content );
-
-			if ( ! match ) {
-				return;
-			}
-
-			return {
-				index:   match.index,
-				content: match.content,
-				options: {
-					shortcode: match.shortcode
-				}
-			};
-		},
+		toView: wp.mce.gallery.toView,
 
 		/**
 		 * Called when a TinyMCE view is clicked for editing.
@@ -690,4 +670,76 @@
 		View: wp.mce.media.PlaylistView
 	} );
 	wp.mce.views.register( 'playlist', wp.mce.playlist );
+
+	wp.mce.embed = {
+		shortcode: 'embed',
+		toView: wp.mce.gallery.toView,
+		View: wp.mce.View.extend( {
+			className: 'editor-embed',
+			initialize: function( options ) {
+				this.players = [];
+				this.content = options.content;
+				this.parsed = false;
+				this.shortcode = options.shortcode;
+				_.bindAll( this, 'setHtml', 'setNode', 'fetch' );
+				$( this ).on( 'ready', this.setNode );
+			},
+			unbind: function() {
+				var self = this;
+				this.pauseAllPlayers();
+				_.each( this.players, function ( player ) {
+					self.removePlayer( player );
+				} );
+				this.players = [];
+			},
+			setNode: function ( e, node ) {
+				this.node = node;
+				if ( this.parsed ) {
+					this.parseMediaShortcodes();
+				} else {
+					this.fetch();
+				}
+			},
+			fetch: function () {
+				wp.ajax.send( 'filter-content', {
+					data: {
+						post_ID: $( '#post_ID' ).val(),
+						content: this.shortcode.string()
+					}
+				} ).done( this.setHtml );
+			},
+			setHtml: function ( content ) {
+				var toolbar = '<div class="toolbar"><div class="dashicons dashicons-no-alt remove"></div></div>',
+					scripts = $( content ).find( 'script' );
+				$( this.node ).html( toolbar + content );
+				if ( scripts ) {
+					scripts.each( function() {
+						var element = document.createElement( 'script' );
+						element.type = 'text/javascript';
+						element.src = $( this ).attr( 'src' );
+						tinymce.activeEditor.contentDocument.getElementsByTagName( 'head' )[0].appendChild( element );
+					} );
+				}
+				this.parseMediaShortcodes();
+			},
+			parseMediaShortcodes: function () {
+				var self = this;
+				$( '.wp-audio-shortcode, .wp-video-shortcode', this.node ).each( function ( i, element ) {
+					self.players.push( element, self.mejsSettings );
+				} );
+			},
+			getHtml: function() {
+				if ( ! this.parsed ) {
+					return '';
+				}
+				return this.parsed;
+			}
+		} ),
+		edit: function() {}
+	};
+
+	_.extend( wp.mce.embed.View.prototype, wp.media.mixin );
+
+	wp.mce.views.register( 'embed', wp.mce.embed );
+
 }(jQuery));
Index: src/wp-includes/js/tinymce/plugins/wpview/plugin.js
===================================================================
--- src/wp-includes/js/tinymce/plugins/wpview/plugin.js	(revision 28353)
+++ src/wp-includes/js/tinymce/plugins/wpview/plugin.js	(working copy)
@@ -168,6 +168,12 @@
 		event.content = wp.mce.views.toViews( event.content );
 	});
 
+	editor.on( 'PastePreProcess', function( event ) {
+		if ( event.content.match( /^\s*(https?:\/\/[^\s"]+)\s*$/im ) ) {
+			event.content = '[embed]' + event.content + '[/embed]';
+		}
+	} );
+
 	// When the editor's content has been updated and the DOM has been
 	// processed, render the views in the document.
 	editor.on( 'SetContent', function( event ) {