Wow. This is huge. AEG, America Online, and XM Satellite Radio have joined together to create Network Live. Network Live is the first multi-platform digital entertainment company that will be delivering live entertainment programming through the Internet, Satellite Radio and other global media platforms such as VOD, Wireless and HDTV.

Damn. We knew that the AOL/XM partnership would be huge, but we couldn’t have expected this - first Radio@AOL, then Live 8, now a whole new company? Big news.

Network Live will produce live programming focusing on music and comedy performances - many originating from AEG affiliated venues such as the STAPLES Center. The programming will be promoted to AOL’s web audience (over 100 million!) and to XM Satellite Radio subscribers.

The company will also use the expertise of AEG’s live entertainment division, AEG LIVE, one of the world’s leading concert promoters. Network Live programming will add to AOL and XM’s own popular original franchises, such as AOL Music Sessions, which has featured many top recording artists, and XM’s Artist Confidential and Then…Again…Live!

Read notes from the Press Conference here.