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EU regulators have allowed media companies NBC Universal and News Corporation to launch their joint online video site. The European Commission approved the venture automatically after identifying no antitrust concerns and receiving no complaints from rivals. The $100 million service due to launch this summer will offer streaming content from NBC and News Corporation's television and film units that include the film studios Universal Pictures and Twentieth Century Fox and television stations CNBC, Telemundo, Fox and British Sky Broadcasting. News Corporation also owns MySpace, the leading social networking site on the Internet - it is speculated that this will be a popular medium by which the company offers its online video service.
News source: MSNBC