NBC Universal, News Corp. Align for Online Video Site

NEW YORK, March 22: NBC Universal and News Corporation today
announced plans to launch what they are calling the largest-ever Internet video
distribution network, featuring hours of ad-supported full-length programming;
distribution partners AOL, MSN, MySpace and Yahoo!; and a slate of advertisers
already on board.

The announcement was made today by Jeff Zucker, the
president and CEO of NBC Universal, and Peter Chernin, the president and COO of
News Corporation.

The site will debut this summer with thousands of hours of
full-length programming, movies and clips, representing premium content from at
least a dozen networks and two studios. AOL, MSN, MySpace and Yahoo! will be
the new site's initial distribution partners—their users account for 96
percent of the monthly U.S. unique users on the Internet. Consumers will be
offered free long- and short-form video on an ad-supported basis. Charter
advertisers include Cadbury Schweppes, Cisco, Esurance, Intel and General
Motors.

"This is a game changer for Internet video," said
Chernin. "We'll have access to just about the entire U.S. Internet
audience at launch. And for the first time, consumers will get what they
want—professionally produced video delivered on the sites where they
live. We're excited about the potential for this alliance and we're looking
forward to working with any content provider or distributor who wants to take
advantage of this extraordinary opportunity."

"Anyone who believes in the value of ubiquitous
distribution will find this announcement incredibly exciting," added
Zucker. "This venture supercharges our distribution of protected, quality
content to fans everywhere. Consumers get a hugely attractive aggregation of a
wide range of content, and marketers get a novel way to connect with a large
and highly engaged audience."

At launch, full episodes and clips from current NBC
Universal and Twentieth Century Fox shows, including Heroes, 24, House, My Name Is Earl, Saturday Night Live, Friday Night Lights, The Riches, 30 Rock, The
Simpsons, The Tonight Show, Prison Break, Are You Smarter than a 5th Grader and Top Chef, plus library fare, will be available free. The site promises an
enhanced customer experience with personalized video playlists, online
communities and a video search. Plus, the programming lineup will include films
like Borat, Little Miss
Sunshine, Devil Wears Prada, The Bourne Identity and Bourne Supremacy with bonus materials and movie trailers.
Post-launch, plans will be considered for acquiring additional content as well
as producing and licensing original programming for the new site's audience.

AOL, MSN, MySpace and Yahoo! will all feature the site's
content in an embedded player customized with a look and feel consistent with
their own brands. Post-launch, sites affiliated with the founding companies,
including iVillage and IGN, will also have the opportunity to become
distribution partners.

The new company will be located in New York and Los Angeles.
A transitional management team led by NBC Universal's chief digital officer,
George Kliavkoff, along with a group of executives from NBC Universal and News
Corporation, will work together to launch the site. The company's permanent
management will be announced at a later date, along with branding details and
additional advertising partners.

According to comScore Video Metrix, in January, there were
123 million unique video streamers and downloaders, and research firm eMarketer
estimates $410 million was spent on online video advertising in 2006, an amount
that is expected to almost double this year.