Viacom is looking to supply a major Internet portal with its content, according to the Financial Times. During the company's fourth quarter earnings conference call, Chief Executive Tom Freston disclosed the negotiations, but did not mention the portals under consideration.

The arrangement would see Viacom supply video and other content in exchange for a share of ad revenue.

Viacom already supplies content to Yahoo, AOL and TV Guide's video search engines. Freston wants to increase digital revenues from $150 million last year to more than $500 million over the next three years. Viacom reported a 68 percent drop in profit due to weak results from the company's movie studio, Paramount and a series of special charges.