The Wall Street Journal is reporting that NBC Universal and News Corp. are negotiating to sell 10% of their jointly owned online-video-distribution venture to private-equity firm Providence Equity Partners for $100 million, said people with knowledge of the discussions.

I point out that this means it is valued at $1 Billion dollars already and IT HAS NOT EVEN LAUNCHED YET!

Supposedly, the cash provided by the investment will be used to build and market the venture, which is scheduled to launch this fall as an outlet for ad-supported and pay-per-view programming from more than a dozen networks and film studios.

The expected investment by Providence Equity was first reported in the New York Times.