Earlier in May we reported that NBCU (NYSE: GE) and News Corp. (NYSE: NWS) were looking for $100 million in exchange for 10 percent of equity in their new video JV for a pre-launch valuation of $1 billion. Now, according to the NYT, they have their deal: $100 million for 10 percent from Providence Equity Partners. Let’s see, first, new CEO Jason Kilar, then a major investment —maybe a name will be next.

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Rafat adds: We have confirmed the investment from a senior source close to the companies. The money’s still coming in, and papers are being signed. Also, one of the intentions of the funding is to give an indication that the JV is serious about building this as a standalone business…though the name is still being decided, the team with the new CEO has moved into an office in Westside Media Center on the edge of Santa Monica here (the old eToys building, for those keeping track of ironies). The source said that more funding is possible, and as things progress, the standalone company could be spun off in an IPO. Of course, the first step first: Expect a launch sometime this fall.