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Site Gets $100M Before It Gets A Name

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Aug 10, 2007 

Author

Sarah Novotny  |

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Site Gets $100M Before It Gets A Name

The new ad content site that News Corp. and NBCU are teaming up on to compete with YouTube, has only recently been announced and already it is picking up steam and cash.

The site has yet to have a URL or a name for that matter and Providence Equity Partners have given $100 million for a 10% stake in the currently labeled “New Site”.

Funding gives the development a solid foundation which will make the fall launch much stronger.

NBCU and News Corp. will use the site to predominantly showcase their own inventory online and will also accept user-generated content.

Tags: ad-content, nbcu, News-Corp., user-generated-content and youtube

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