Amazon to compete with Netflix on web TV service

Amazon.com Inc has approached media companies with a proposal for a subscription service that gives users unlimited access to some television shows and movies over the Internet in a bid to rival Netflix Inc, two people familiar with the talks said on Tuesday.

The Seattle-based online retailer has approached media companies including Time Warner Inc, CBS Corp and Viacom Inc, these people say.

It is still not clear if the media companies would agree to Amazon's proposals which are still at an early stage, according to one person familiar with the talks.

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