NBC and News Corp unveil YouTube rival

Traditional media companies have been rumored for months to be planning some type of joint online video service to reach a new generation of viewers who are as likely to spend their time in front of computers as television screens.

When asked about the "YouTube killer" service at a conference earlier in March, Peter Levinsohn, president of News Corp.'s Fox Interactive Media, said: "We certainly aren't describing it as such. If they do, MySpace will be a huge beneficiary of that."

The new venture, which could launch this summer, had tried to woo Viacom Inc. because its MTV Networks appeals to younger viewers, the L.A. Times said.