Playing catch up with YouTube

It's inevitable that the popular video site would be getting some competition, so now we have Fox, Viacom, CBS and NBC Universal talking about forming a Web site that would mostly include content from their network offerings. The WSJ, which has the story in its weekend edition, reports that Disney's ABC isn't participating, probably because it doesn't want to get its branding mixed up with the others. From the WSJ:

The talks are driven by media companies' belief that the fast-growing YouTube has built a huge business off their video content. Although many of the videos on YouTube are homemade videos uploaded by users, some of its most popular clips are pirated copies of television shows. YouTube was acquired by Google for nearly $1.8 billion in stock last month. Some of the media companies have been discussing creating a YouTube competitor since the beginning of the year.