Los Angeles - News Corp. and NBC Universal on Monday announced a private beta launch of Hulu, their video distribution joint venture that offers streaming programming on a free, ad-supported basis.

The company also formally announced a new $100 million investment from private equity firm Providence Equity Partners, which it had confirmed receipt of in August.

Hulu will initially offer full-length TV shows and movies, and video clips, from founders News Corp. and NBC Universal, as well as over 15 cable networks.

The company also on Monday said it signed licensing deals with MGM and Sony Pictures Television, to provide TV shows and feature-length films on the service.

In addition to Hulu.com, the company's content will also distributed through partners including AOL, Comcast, MSN, MySpace and Yahoo.

Unlike YouTube, Hulu features no user-generated content, but does allow users to embed its videos on their own websites. Read DMW's early review of the Hulu service here.

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