The equivalent of the 1992 US Men's Olympic basketball team has just gotten together to develop a competitor to GooTube. That's right, NBC, Fox, AOL, MSN, MySpace and Yahoo! have united Captain Planet style and formed a web video site not made up of crappy clips people don't want to watch. Broken by CNBC—with snide commentary about Fox and Google thrown in —this site has already secured advertisers and will theoretically reach 90 percent of US Internet users.

The content? Well, it's going to have TV clips from NBC and Fox, plus films from their respective movie studios. You'll be able to watch ad-supported shows like 24 and Heroes for free, and they're working on more deals with Sony and Time Warner to supply shows and clips. Sounds like we've finally got someone to stand up with GooTube in a non-theoretical way.

Squawk on the Street [CNBC]

Thanks Ray!