Media Giants Plot YouTube Rival

Fox, Viacom, CBS and NBC reportedly want to profit from the boom in Web video advertising.
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Four traditional media heavyweights reportedly are discussing creating a video Web site to take on Google's (GOOG) - Get Report YouTube.

The parties to the talks are

News Corp.'s

(NWS) - Get Report

Fox,

Viacom

(VIA) - Get Report

,

CBS

(CBS) - Get Report

and

General Electric's

(GE) - Get Report

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.

Walt Disney

(DIS) - Get Report

, 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.