This just in from the LA Times:
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.
The two companies enlisted help from some of Google’s biggest Internet rivals. The News Corp.-NBC Universal partnership has deals with Yahoo Inc., Microsoft Corp., Time Warner Inc.’s AOL and News Corp.’s MySpace to place videos in front of their collective audience of hundreds of millions.
Paid Content gets props for early coverage.