The word is out that major broadcast players are looking at a new venture to challenge YouTube, which has turned web video into a mainstream distribution medium virtually overnight.

There's a post from the TechCrunch blog that talks about a possible announcement:

There have been rumors of a TV network led joint venture to compete with YouTube for months -- the first time we heard it was just a couple of days after the first rumor of Google’s acquisition of the company. Since then, we’ve heard that discussions stalled as one partner or another pulled out of the group.