Finally found, albiet brief, video of the giant squid. Spectacular! Although it is unlikely, despite what the reporter states, that Giant Squids obtain sizes of 50 feet. As I mention in this post that covers everything you wanted to know about the Giant Squid, the longest scientifically recorded length of a Giant Squid is 42 feet.
UPDATE: Go watch this video! Skip ahead to 1:00 to see a much longer set of video of the encounter. Not sure how long this will be up.