In a news world placing a greater emphasis on “premium video content,” the Huffington Post is set to launch an online streaming news channel with the hope of competing with entities like CNN and MSNBC.

According to Forbes, the new channel will be called the Huffington Post Streaming Network and will kick off with a preview held in AOL’s HQ in New York City on February 2nd.

The new network will structure itself like cable news networks and provide real-time news and discussion. This means that Huffington Post reporters and editors will appear on camera to discuss events as they happen throughout the day. The channel is also prepared to feature on-air editorial meetings and social media integration, to give viewers an up close and personal look into how the news passes through HuffPo and out to consumers.

It’s not going to be a 24-hour news network, according to the sources. Live footage will be cut and re-broadcast to fill some time. But apparently the new HPSN will have more live coverage than competitors like the New York Time and the Wall Street Journal have with their streaming web programming.

To advertisers, video content is becoming a key priority, and that’s the big motivation behind this move. Huffington Post’s newsroom sports over 300 members, so the new project is most definitely feasible.

Can Huffington Post leverage this new channel to compete with traditional cable news outlets? Let us know in the comments.