“New Site”, the joint venture between NBC Universal and the News Corporation to bring their television shows and movies onto the Internet has taken a $100 million investment that values the company at $1 billion. “New Site” still lacks a Web site. It still has no name.

But the company, now has some deeper pockets. Providence Equity Partners, a media investment firm based in Rhode Island, has invested $100 million for a 10 percent stake in the joint venture, according to the New York Times.

This is an amazing valuation considering that they have yet to show what kind of audience they can drive and how they plan to monitize the traffic. In addition, it will be interesting to see how the private equity investor gets its return, unless the company goes public which will put NBC and News Corporation in an interesting position.

The companies have said the venture would begin this autumn. The service will let users watch television shows like “Heroes,” “24,” “Saturday Night Live,” and “The Simpsons” as well as movies like “Live Free or Die Hard” and “The Bourne Ultimatum.”

“New Site” recently leased office space in Los Angeles and hired a chief executive, Jason Kilar, a former Amazon.com executive. About 120 people work for the venture, according to published reports.