Amazon Planning Online TV and Movie Subscription Service

Updated Inc (AMZN) is in talks with media companies regarding a new online subscription service that would let viewers watch TV shows and movies over the Internet.

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Amazon has spoken to companies including NBC Universal, Time Warner (TWX) and News Corp., (NWS)The Wall Street Journal reported without naming its sources. Amazon wants to begin by streaming older TV shows and movies.

The move would be a challenge to Netflix Inc (NFLX), which is working to corner the market in online TV and movie watching.

The new Amazon service would be available on a Web browser, or through devices like Blu-ray players and the Xbox 360 videogame console. Amazon hopes to launch the new service in time for the holiday season.