BEIJING, April 21 (Xinhuanet) -- Viacom Inc. will launch a TV channel and video-on-demand service with five Hollywood studios, according to the companies' statement Sunday.

    Starting in fall 2009, the channel will show movies and television series from Paramount, Paramount Vantage, MGM, United Artists and Lionsgate.

    It will have originally produced television series, as well as feature upcoming movies like "Iron Man" and "GI Joe" and classic hits such as MGM's "James Bond" franchise and Lionsgate's "Dirty Dancing." Viewers will have pay-per-view access to big-budget releases from the studios.

    The channel could provide competition in both programming and viewers to Time Warner's HBO and CBS Corp.'s Showtime.

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

    The combined companies have a collection of thousands of films and hundreds of TV shows. MGM owns the world's largest modern film library. Paramount has 3,500 motion pictures in its library, including recent blockbusters such as "Transformers" and "Beowulf" and Oscar winners "There Will Be Blood" and "No Country for Old Men."

    Viacom owns the content of more than 100 television channels, including MTV, VH1, CMT, Nickelodeon and Comedy Central.

    Viacom will provide marketing and other operational support through its MTV Networks division.

    (Agencies)