diff --git a/Makefile b/Makefile
index a5146d0d08..e7f3dd6d26 100644
--- a/Makefile
+++ b/Makefile
@@ -53,21 +53,15 @@ SRCS_MPLAYER = mplayer.c \
 SRCS_MENCODER = mencoder.c \
                 mp_msg-mencoder.c \
                 $(SRCS_COMMON) \
-                libvo/aclib.c \
-                libvo/osd.c \
-                libvo/sub.c \
                 parser-mecmd.c \
                 xvid_vbr.c \
 
-ifeq ($(BITMAP_FONT),yes)
-SRCS_MENCODER += libvo/font_load.c
-endif
-
 COMMON_LIBS = libmpcodecs/libmpcodecs.a \
               libaf/libaf.a \
               libmpdemux/libmpdemux.a \
               stream/stream.a \
               libswscale/libswscale.a \
+              libvo/libosd.a \
               osdep/libosdep.a \
               $(AV_LIB) \
               $(EXTRA_LIB)\
@@ -147,7 +141,6 @@ endif
 # FontConfig and FreeType need to come after ASS to avoid link failures on MinGW
 COMMON_LIBS += $(FONTCONFIG_LIB)
 ifeq ($(FREETYPE),yes)
-SRCS_MENCODER += libvo/font_load_ft.c
 COMMON_LIBS += $(FREETYPE_LIB)
 endif
 ifeq ($(GUI),yes)
diff --git a/libvo/Makefile b/libvo/Makefile
index aace054d93..c45aaf5da0 100644
--- a/libvo/Makefile
+++ b/libvo/Makefile
@@ -2,19 +2,21 @@
 include ../config.mak
 
 LIBNAME = libvo.a
+LIBNAME2 = libosd.a
 
-SRCS=aclib.c \
-     aspect.c \
+SRCS=aspect.c \
      geometry.c \
-     osd.c \
      spuenc.c \
-     sub.c \
      video_out.c \
      vo_mpegpes.c \
      vo_null.c \
      vo_yuv4mpeg.c \
      $(VO_SRCS) \
 
+SRCS2 = aclib.c \
+        osd.c \
+        sub.c \
+
 ifeq ($(CONFIG_LIBAVUTIL),yes)
 LIBAV_INC += -I../libavutil
 endif
@@ -22,12 +24,13 @@ endif
 OBJS_TEMP=$(basename $(SRCS))
 OBJS=$(OBJS_TEMP:%=%.o)
 
-ifeq ($(BITMAP_FONT),yes)
-SRCS += font_load.c
-endif
+OBJS2=$(SRCS2:.c=.o)
 
+ifeq ($(BITMAP_FONT),yes)
+SRCS2 += font_load.c
+endif
 ifeq ($(FREETYPE),yes)
-SRCS += font_load_ft.c
+SRCS2 += font_load_ft.c
 endif
 
 ifeq ($(VIDIX),yes)
@@ -53,11 +56,15 @@ CFLAGS  = $(INCLUDE) $(OPTFLAGS)
 .m.o:
 	$(CC) -c $(CFLAGS) -o $@ $<
 
+all:    $(LIBNAME) $(LIBNAME2)
+
 $(LIBNAME):     $(OBJS)
 	$(AR) r $(LIBNAME) $(OBJS)
 	$(RANLIB) $(LIBNAME)
 
-all:    $(LIBNAME)
+$(LIBNAME2):     $(OBJS2)
+	$(AR) r $(LIBNAME2) $(OBJS2)
+	$(RANLIB) $(LIBNAME2)
 
 clean:
 	rm -f *.o *.a *~