From the WSJ: More on a New YouTube Rival
The companies, owners of most of the major TV networks, envision a jointly owned site that would be the primary Web source for video content from their networks, allowing them to cash in on fast-growing Web video advertising. They also have discussed building a Web video player that could play video clips from across the Web. A deal to create a competitor remains far off, however.
Disney-ABC isn't participating, according to the Journal, which says:
The talks are driven by media companies' belief that the fast-growing YouTube has built a huge business off their video content. Although many of the videos on YouTube are homemade videos uploaded by users, some of its most popular clips are pirated copies of television shows. ...
Unfortunately, it sounds like these talks have been going on for quite a while, without much action. According to the Journal: "Some of the media companies have been discussing creating a YouTube competitor since the beginning of the year."