News Corp.'s Fox, Viacom Inc., CBS Corp. and NBC Universal have entered into talks to create a video-sharing site that would host content from their properties and serve as a competitor to YouTube.While a potential site is still in the planning stages, the four media companies envision a the creation of a video-sharing site that would be the web's primary source for video content from their television networks, Reuters reports, citing a Wall Street Journal article. The likely goal is to tap into the popularity of online videos to derive advertising revenues.

YouTube has become the internet's most popular video-sharing site due in part to the hosting of copyrighted material from network and cable television shows. Fox, Viacom, CBS and NBC Universal want to divert traffic to such content away from YouTube and twoard the site they are considering.

The Wall-Street Journal reports that these media companies have been in talks about the creation of such a video-sharing site since the start of the year.