A brand new ad-supported video site created by a partnership between NBC and News Corp. aims to challenge YouTube’s overwhelming control over the internet’s large collection of videos. News Corp., owner of large media companies such as DirecTV, FOXTEL, SKY Italia, 20 Century Fox, Fox Searchlight, STAR, Fuel TV, FX, SPEED, National Geographic Channel, TV Guide, New York Post, HarperCollins Publishers, MySpace, IGN Entertainment, RottenTomatoes, AskMen, The National Rugby League, scout.com (and the list goes on like this), has agreed to join NBC, Time Warner AOL, and Microsoft in an effort to overtake the online video market.

With plans to include episodes of “24″, “Heroes”, “House”, “The Simpsons”, as well as movies like “Borat” and other selections from the News Corp. assets, the video web site, which is currently called Caterpillar, appears to be a powerful new competitor for video site superiority. Plus, the video site plans to make all content free, with the use of full advertisement support from companies like General Motors and Intel.

With the advent of AppleTV, Amazon Unbox, and the eventual release of AT&T’s 300 channel IPTV in 2008, it seems that YouTube and it’s Google parent need to start making some exclusive content deals in order to stay competitive. Also, as if the new video site didn’t already have enough big companies on hand to overthrow YouTube’s hold, there are even talks about CBS joining in the future. This may be the YouTube-killer.

[Via newsfactor]