NBC's/News Corp Joint Venture: Somehow Worth $1 Billion
NBC Universal (parent company is GE which also owns CNBC) and News Corp's joint online video venture doesn't have a name (though in some circles it's referred to as New Site), and it's ostensibly launching in September but there's no specific launch date. But somehow it's worth $1 billion dollars,at least based on a 10% stake reportedly being sold to private equity firm Providence Equity Partners for $100 million.
What are the assets? The ad revenue stream and the fact that some ad partners are already on board. And there's the distribution deals through a number of high traffic sites including Yahoo , AOL, MSN , and MySpace. I'd love to see the presentation this "New Site" gave Providence--they must have made quite the compelling argument. Even with all those stars aligned, it's hard to know how something will play when it's so mysterious!
I've been pushing for an interview with New Site's new CEO, Jason Kilar, an Amazon.com veteran since he was appointed. Jason! Talk to me!
What do you think? Is this going to work? What should it be called? Readers--share your opinions on this!
Questions? Comments? MediaMoney@cnbc.com