Can MySpace support a Michael Eisner comeback? No!

News Corp.'s (NYSE: NWS) MySpace is cutting a deal with former Walt Disney Co. (NYSE: DIS) chief Michael Eisner to create "webisodes" for the big social networking site. The shows will be available at MySpace before they can be viewed anywhere else.

MySpace already offers a lot of video, but the Eisner content will be targeted to specific sets of MySpace users and should draw targeted advertising.

The deal looks good on paper, but it is not as if Eisner can create hundreds of videos per day. With programming from the major media companies hitting the market in new deals between content holders like News Corp and General Electric Co.'s (NYSE: GE) NBC and distribution outlets like Yahoo! Inc. (NASDAQ: YHOO) and Microsoft Corp.'s (NASDAQ: MSFT) MSN, the Eisner deal is a drop in the bucket.

The biggest problem with video on the internet now is that there is too much of it spread across too many sites. Users need a "video guide" to tell them what is on at which site at any given time of the day.

A "video guide"? That could be a successful new business for Eisner.

Douglas A. McIntyre is a partner at 24/7 Wall St.