San Francisco - The online video distribution joint venture between News Corp. and NBC Universal ("New Site," for now) has received a $100 million investment from private equity firm Providence Equity Partners, in exchange for a 10% stake, The New York Times reported, citing people with knowledge of the deal.

The YouTube rival site, announced in March, is scheduled to launch in the fall and offer movies and TV shows from big-name media companies through distribution partners including MySpace, Yahoo, MSN and AOL.

The funds will be used to accelerate the introduction of the service and also go towards the transfer movies and TV shows into Web-friendly formats.

Related Links:
http://www.nytimes.com/2007/08/09/business/media/09online.html