We know more about
Cloverfield than New Site

NBC Universal and News Corp. have secured $100 million in venture capital funding for their mysterious online video project, reports The New York Times.

The funding comes from Providence Equity Partners, which made the investment in exchange for a 10 percent stake in the site. The money will help News Corp. and NBCU actually build content, which begs the question: How did they think they were going to do it before?

Riddles still remain how the site will actually function, both from a user and corporate perspective. Joint ventures between large players don't traditionally work out well. And no one knows what sort of content the site will be stocked with.

New Site, as it's been dubbed in lieu of a real name, is still reported to be on track for a fall debut.