The Wall Street Journal reports that News Corp., Viacom Inc., CBS Corp. and General Electric Co.'s NBC Universal are in talks about creating a video-sharing site to compete with Google Inc.'s YouTube.

In one of the biggest media deals of 2006, Google purchased YouTube for $1.6 billion.

These media titans, who are owners of major TV networks, are looking to form a jointly owned site that would serve as the primary web source for their video content from their networks, reports the Journal.

The revenue stream for this potential jointly own site is expected to be ad-supported rather than subscription based but since the talks are in its early stages, it is unclear what direction it will take.

Walt Disney Co., which owns ABC, is not part of the talks because it wants to rely on the strength of its own brands.

Last month, YouTube announced a deal with Verizon to stream selected video clips on the carrier's VCast service. Recently YouTube has formed content deals with providers such as the National Hockey League and NBC Universal to avoid illegal posting of copyrighted materials.