PROVIDENCE – Providence Equity Partners has been reported to have invested $100 million in the as-yet unnamed Web site being developed jointly by NBC Universal and News Corp. to bring their collective movie and television show libraries to the Internet, according to a story in today’s New York Times.
The project, still known only as “New Site,” is being valued at $1 billion, according to the Times, a number that has astounded some observers.
“It’s a sign of the times when a company that didn’t exist a couple months ago can raise that kind of money,” said Todd Dagres, a general partner at Spark Capital, a media and entertainment-focused venture capital firm, according to the Times.
Providence Equity and News Corp. declined to comment to the newspaper on the deal.
Providence Equity was also in the news yesterday after the New York Post reported that Warner Music Group Corp. may be bought out by its majority owners, which include the Rhode Island private equity firm, which declined to comment to Bloomberg News on the report.
Providence Equity Partners has been active in the marketplace this year, making investments in NexTag (an online comparison shopping site), whitepages.com, Decision Resources and USIS, while selling BlueStone TV, among others.
Providence Equity Partners Inc. is a global private investment firm based in Providence, with offices in New York City and London, that specializes in media, entertainment, communications and information companies. It has raised $21 billion through seven funds since its founding in 1989. Additional information is available at www.provequity.com.
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