25 minutes ago NEW YORK (Reuters) - Viacom Inc's Paramount movie studios (VIAb.N), Lionsgate (LGF.N) and Metro-Goldwyn-Mayer plan to launch a premium television channel to carry their new film and television releases and archives, dealing a blow to CBS Corp's (CBS.N) Showtime Networks Inc.The channel, which will feature upcoming movies like "Iron Man" and "GI Joe" and classic hits such as MGM's "James Bond" franchise and Lionsgate's "Dirty Dancing," is expected to launch in autumn 2009, the companies said in a statement on Sunday.
"This venture has the potential to be a game changer for the industry," Viacom Chief Executive Philippe Dauman said in the statement. "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."
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