Peter Levinsohn, president of News Corp's Fox Interactive Media, said the company was in "very active negotiations with all of the media companies" about creating a video portal for users.
MySpace introduced video sharing technology to the website last year, allowing for the further development of the business to include content deals with entertainment companies.
The companies involved in talks are understood to be CBS, NBC Universal and Viacom, but few details are available at present.
, which is the biggest video sharing website in the world, and owner Google have come under intense criticism from a raft of global media organisations in recent months over the unauthorised distribution of video streams through its portal.
Legal distribution of third party material on the internet has become an increasingly fraught issue for Google, which earlier this week came under fire from Microsoft, which accused it of adopting a "cavalier approach" to copyright issues on Google Video.
Earlier this week Microsoft joined a long list of organisation that have publicly criticised Google for its content sharing practices. Viacom recently forced Google to remove 100,000 video streams from YouTube while 20th Century Fox has issued a subpoena to YouTube for screening the new series of '24' prior to its TV release.
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