Viacom is backing out of a new internet video website collaboration that is being discussed by NBC Universal, News Corp. and CBS, reports Broadcasting & Cable.

Earlier this month, the Wall Street Journal reported 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.

Forming a YouRival could also bring up tricky situations among the media giants; for example, News Corp.'s MySpace could be seen as a direct competitor of Viacom's MTV Networks online properties, according to Broadcast & Cable.