News Corp. & NBC To Launch YouTube Competitor

News Corp., NBC pull together to challenge YouTube from the LA Times reports that the two media giants are expected to announce a YouTube-like site as early as today.

News Corp. and NBC Universal plan to announce as soon as today that they are creating an online video site stocked with TV shows and movies, plus clips that users can modify and share with friends, according to people close to the negotiations.

NBC and News Corp. have already tied partnership deals with Yahoo Inc., Microsoft Corp., Time Warner Inc.’s AOL and News Corp.’s MySpace. The new video site is expected to launch some time this summer. The site will have popular NBC & News Corp. shows such as “Heroes” and “The Office,” and “Family Guy” and “24.” More details at Techmeme.com.

Postscript: The press release is now available over here.

NEW YORK–(BUSINESS WIRE)–News Corporation and NBC Universal will launch the largest Internet video distribution network ever assembled with the most sought-after content from television and film, it was announced today by Jeff Zucker, President and Chief Executive Officer, NBC Universal and Peter Chernin, President and Chief Operating Officer, News Corporation. The video-rich site will debut this summer with thousands of hours of full-length programming, movies and clips, representing premium content from at least a dozen networks and two major film studios.