The coalition includes Walt Disney, Viacom, CBS, NBC / Universal and News Corp. on the media side, while Microsoft, MySpace, Veoh Networks and Dailymotion make up the Internet side.

The first order of business for the coalition was to issue guidelines for preventing copyright infringements. Specifying filters that would prevent unauthorized content from appearing on social sites such as MySpace or FaceBook, one of the incentives for following the guidelines is that media companies promise not to sue Internet companies if copyrighted material somehow slips past the filters.

One company not part of the coalition is Google, which owns YouTube. Both Google and YouTube are facing a $1 billion infringement lawsuit led by Viacom over copyrighted content posted on the video Web site. Google recently unveiled new filters designed to trap such content on upload, but that hasn’t changed its legal predicament.

“Today’s announcement marks a significant step in transforming the Internet from a Wild West to a popular medium that respects the rule of law,” NBC / Universal President and CEO Jeff Zucker said when the coalition was announced on October 19th. “By recognizing the mutual benefits of a technology-based framework to control piracy, technology and content companies have laid the foundation for the lawful growth of video on the Internet.”