The online joint venture between News Corp and NBC Universal, while still without a name, has received a $100 million infusion of cash thanks to Providence Equity Partners.

The project has attracted its share of skeptics, who doubt that the two rivals could work successfully together. However, Providence has apparently put a $1 billion valuation on the effort, asking for a 10 percent stake in return for its investment.

The cash will be used to continue to encode Fox and NBC films and shows into formats suitable for the service, albeit at a faster pace. Additional investment takes the strain off of General Electric and News Corp, which own the two network brands.

Providence's large investment surprised many, who said it put a high value on a company unlikely to be either spun off or sold. While some of the content on the site will be user-generated a la YouTube, most of it will come from either company.

Google is said to be watching the venture with a wary eye, although it reportedly pokes fun at the company behind closed doors, calling it "Clown Co."

"I hope that means a launch is imminent," technology pundit Michael Arrington said of Providence's investment. "It would be hard to launch without a name."