You might also want to look at the following documents : comp.dsp.faq MPEG-2 FAQ What is MPEG-2 ?
At a meeting hosted in New York by Columbia University, the Moving Picture Experts Group (MPEG) completed definition of MPEG-2 Video, MPEG-2 Audio, and MPEG-2 Systems. MPEG therefore confirmed that it is on schedule to produce, by November 1993, Committee Drafts of all three parts of the MPEG-2 Standard, for balloting by its member countries. To ensure that a harmonized solution to the widest range of applications is achieved, MPEG, an ISO/IEC working group designated ISO/IEC JTC1/SC29/WG11, is working jointly with the ITU-TS Study Group 15 Experts Group for ATM Video Coding. MPEG also collaborates with representatives from other parts of ITU-TS, and from EBU, ITU-RS, SMPTE, and the North American HDTV community.