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Update: There's now a press release here.
News Corp and NBC Universal are expected to announce as early as today that they're teaming up to create the "YouTube Killer" that's long been expected from the big media companies. The site will include TV shows and movies, plus the ability for users to edit clips and share them (no mention of user-generated content).
The pair have already struck partnership deals with Yahoo, Microsoft and AOL. The content provided by Fox and NBC includes "Heroes" and "The Office", "Family Guy" and "24". Movies from Universal Pictures and 20th Century Fox will also be sold. Time Warner, CBS and Sony Pictures haven't agreed to a deal.