NBC, News Corp. Form Network

NEW YORK -- 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.

AOL, MSN, MySpace and Yahoo! will be the new site’s initial distribution partners. Their users, who represent 96 percent of the monthly U.S. unique users on the Internet, will have unlimited access to the site’s vast library of content. This media alliance will offer consumers free long- and short-form video and create a compelling platform for advertisers, targeting the rapidly growing audience of online video consumers. Charter advertisers include Cadbury Schweppes, Cisco, Esurance, Intel and General Motors.

“This is a game changer for Internet video,” said Peter Chernin, President and Chief Operating Officer of News Corporation. “We’ll have access to just about the entire U.S. Internet audience at launch. And for the first time, consumers will get what they want -- professionally produced video delivered on the sites where they live. We’re excited about the potential for this alliance and we’re looking forward to working with any content provider or distributor who wants to take advantage of this extraordinary opportunity.”

“Anyone who believes in the value of ubiquitous distribution will find this announcement incredibly exciting,” said Jeff Zucker, President and CEO of NBC Universal. “This venture supercharges our distribution of protected, quality content to fans everywhere. Consumers get a hugely attractive aggregation of a wide range of content, and marketers get a novel way to connect with a large and highly engaged audience.”

News Corp. (NYSE: NWS)

NBC Universal

AOL Inc. (NYSE: AOL)

MySpace

Yahoo Inc. (Nasdaq: YHOO)