Providence pumps up Web video with $100 mil

August 10, 2007 Media investment firm Providence Equity will invest $100 million in the still-unnamed NBC Universal/News Corp. joint online video venture, according to a published report. The New York Times said that the investment, which will be formalized in a couple of weeks, will give the Rhode Island-based firm a 10% stake in the joint venture as well as a board seat, a person familiar with the situation said Thursday. The so-called NewSite, which was announced in March, will bring News Corp., NBC Uni and other video content to heavily trafficked portals, including News Corp.'s MySpace, Time Warner's AOL, Yahoo and Microsoft, and also will have a separate stand-alone site.

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