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Fox Interactive Media is taking the battle with Youtube to the edge. After announcing a joint venture with NBC to share and distribute NBC programming they are now launching a new section within MySpace Video that will feature premium content from a host of media and news outlets.

The new section that will be launched in the coming months will include “branded channels” from news outlets including National Geographic, The New York Times, Reuters, and lifestyle outlets including Animation Show, The Daily Reel, Expert Village, Flow, FOX’s IGN Entertainment, LX.TV, Octane TV, Kush TV, Ripe TV, Studio411, VBS.tv (from the makers of Vice Magazine), and Young Hollywood.

Jeff Berman, the General Manager of Video and SVP of Public Affairs at MySpace commented by saying:

The upcoming branded channel launch continues the growing momentum of MySpace Video. We’re empowering our partners to customize their own video channels and use them as hubs to create a niche experience for users. Today’s announcement is a sign of things to come for MySpace Video.

Although MySpace Video still trails Youtube by a huge margin, but MySpace is taking measures to ensure that this lead is not widened. Youtube is also facing competition from Joost, a new IPTV startup from the founders of Kazaa and Skype, that has launched in beta mode earlier this month.

On related note MySpace recently acquired Photobucket a photo and video sharing service for around $250 million.

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