CNN announced it has partnered with Blip.tv, an internet media company that hosts and distributes web-based TV shows and videoblogs, to solicit newsworthy user-generated video. The site will be known as CNN.com Exchange.

In an effort to keep up with the popularity of user-generated video sites such as YouTube.com, CNN.com has designed a site for the clips which will be branded "I-Report."

"Corporations are recognizing the importance of giving their customers a voice," says Mike Hudack, CEO of blip.tv. "With tremendous competition in the market, media companies are embracing user-generated content as a way to build strong relationships with their viewers while continuing to reinforce their brands. CNN is elevating the concept of citizen journalism by using blip.tv software to power its I-Report initiative to collect and air -- potentially within minutes -- eyewitness reports shot anywhere in the world."

Currently there are ads on CNN.com Exchange.