New York - Media conglomerate Viacom (NYSE: VIA) announced on Monday that it has formed a joint venture to create a premium TV channel and video-on-demand service that will feature classic and new movies and TV shows from five studios. Scheduled to launch in the fall of 2009, the service will feature programming from Viacom's Paramount and Paramount Vantage, MGM, United Artists and Lionsgate (NYSE: LGF).

The venture will have exclusive access during the traditional pay-television window to films such as "Iron Man," "Cloverfield," "GI Joe" and "Valkyrie."

Library titles available through the service will include the "Godfather," "Star Trek," "James Bond," "Rocky," "Saw" and Tyler Perry franchises.

Viacom will provide operational and promotional support to the venture through its MTV Networks division.

"This venture has the potential to be a game changer for the industry," said Viacom president and CEO Philippe Dauman.

"We are building an innovative service that will use traditional and new digital distribution technologies to bring great film and television entertainment directly to the consumer."

The joint venture is seen as new competition for Time Warner's (NYSE: TWX) HBO, CBS' (NYSE: CBS) Showtime Networks and Liberty Media's (NASD: LINTA) Starz.

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