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NBC and News Corp. To Announce Online Video Partnership

News Corp. and NBC Universal are close to announcing an online video site designed to compete with YouTube.

The venture, which is expected to be officially announced Thursday afternoon, is expected to include video clips from both companies as well as to have partnerships with some of YouTube-owner Google's largest rivals, including Yahoo!, Microsoft and Time Warner's AOL.

The companies have been in talks to create an advertising-friendly YouTube competitor for months, but had previously been unable to come to an agreement. The NBC/News video site is expected to go live as early as this summer with video from both companies including The Office, Heroes, 24 and Prison Break.

Content owners have been increasingly trying to put their content online in locations other than YouTube.  For instance, Viacom, which had also been in negotiations with NBC and News Corp. until last December, recently announced that its content would be available on start-up video service Joost.