‘YouTube killer’ gets cash injection

10 08 2007

Ramping up to the mooted autumn launch of NBC Universal / NewsCorp. online video joint-venture codenamed ‘Newsite’, the companies yesterday disclosed that they have swapped 10% of equity for the venture in return for US $100 million from Providence Equity Partners. The deal values the new service at $1 billion and, say paidContent, is the strongest hint yet that the partners may be looking to float the company.