BBC Worldwide, Channel 4 and ITV are to launch a video-on-demand service offering more than 10,000 hours of TV programming.
The project has a working title Kangaroo asfirst revealed by MediaGuardian in June. Its launch next year could be a watershed moment in the development of on-demand video media in the UK.
Kangaroo, which one source has described as "wanting to do for broadband what Freeview did for digital TV", will be a joint venture in which BBC Worldwide, ITV and Channel 4 have an equal share.
In a joint statement, the partners said Kangaroo "will work independently as an aggregator of both joint venture partners and third-party content".
The project aims to be a "rich entertainment site", where consumers can catch up with recently aired shows and older archive programming.
The service will initially be available via the web, with shows available either streamed or to download. However, the ultimate aim is to deliver Kangaroo content direct to televisions.
Users will be offered programming for free, rental and buy-to-own, with the intention that Kangaroo provides a "one-stop shop" for all BBC, ITV and Channel 4 content.
Project Kangaroo, which will receive an official name before launch, will also "encourage other quality content providers" to join the service.
It aims to "build on the experience" of the broadcasters' existing media players, ITV.com, 4oD and the BBC iPlayer.
BBC iPlayer content will be listed within the new service, while Channel 4's website will host a catch-up service which will see 4oD "evolve into the new [Kangaroo] service".
"The joint service venture has the potential to become an important shop window for UK broadcaster content and a free destination for viewers," said Michael Grade, the executive chairman of ITV.
The plans are subject to formal approval from the BBC Trust and the ITV and Channel 4 boards.
The new venture, which conspicuously excludes Channel Five as a founding partner, has appointed BSkyB veteran Lesley MacKenzie as chief executive.
MacKenzie has been responsible for launching TataSky in India and prior to that was director of channels and operations at BSkyB.
"We believe this deal will lead to a major step change in the on-demand services offered by UK broadcasters and is good news for independents and the create community, for advertisers and, above all, for viewers," said Andy Duncan, the Channel 4 chief executive.
"For some time we have wanted to form an alliance with other rights holders in the UK and give viewers an on-demand service with real added value," said John Smith, the chief executive officer of BBC Worldwide.
"By combining our resources we are really taking control of our destiny in a market that's moving at a fast pace."
MacKenzie has been bought on board specifically to handle the launch of Kangaroo.
Following the project officially going live MacKenzie and the founding partners will discuss whether she will continue to head the operation or if a new chief executive will handle post-launch day-to-day operations.
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