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http://mashable.com/2006/12/19/viacom-abandons-youtube-killer/
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Mashable - The Social Media Guide: 2006/12/19/viacom-abandons-youtube-killer/

Ronald Lewis · 2 years ago

For now, the networks do not pose an immediate threat to YouTube -- however, the network execs believe so. Sheesh, those guys are so 1950s in thought. Will the Executive 2.0 types please stand up and show American businesses how business is done today?
Dr. Pete · 2 years ago

I was indirectly involved with Office.com, which Viacom had a large stake in before the first dotCom bubble burst. In typical fashion, they burned through $80M and hired hundreds of people in short order, only to crash and burn. They're as clueless now as they were then; they just know they want in on the action.
Jamie · 1 year ago

Wow, that website is actually goign to blow youtube out of the water!