Four traditional media heavyweights reportedly are discussing creating a video Web site to take on Google's (GOOG) YouTube.
The parties to the talks are
NBC Universal, according to a report Saturday in the
The Wall Street Journal
, which cited people close to the situation.
The companies would like to develop a jointly owned site that would show video content produced by their networks, according to the report. It would allow them to profit from Web video advertising, which is growing at a quick clip.
, which owns ABC, has opted out of the talks, the report said, because it wants to rely on the strength of its own brands.
Traditional media companies have already held discussions on creating some sort of rival to YouTube, although previous talks fell apart, in one case because several networks didn't want the outlet for all of their content to be owned by just one network, the report noted.