NBC Universal, Affiliates Form Broadband Venture

GE's(GE Quote) NBC Universal and its affiliate TV station groups are teaming up in a joint venture called the National Broadband Network that will aim to leverage the various parties' video content.

NBC's 213 affiliates voted unanimously Wednesday for the plan, which will incorporate the video content of local news providers and their station output.

Hearst-Argyle Executive Vice President Terry Mackin, who is chairman of the NBC Affiliate Board, says the venture will involve "significant sums of launch capital." He emphasized that it is not a revenue-sharing program but a legitimate joint venture. ...