NEW: Providence Equity Sale of Hulu Investment Would Yield $200M

RI-based private equity firm Providence Equity Partners stands to make $200 million in the pending sale of its 10 percent stake in Hulu, based on a recent valuation of the online TV and film provider at $2 billion.

The sale of Providence Equity's stake awaits final approval by Hulu's three major shareholders: News Corp., the Walt Disney Company and Comcast/NBC Universal.

The sale by Providence Equity is viewed to be a shift from investment in Hulu to the production company of COO Peter Chernin, the former president of News Corp. It was Chernin who inspired and shepherded Providence Equity's $100-million, ground-floor investment in Hulu, the high-flying Web site that hosts TV shows and films and is expanding into original content.

The $200 million investment in the Chernin Group, a film and TV production company founded by Chernin 3 years go, will allow Providence Equity to acquire a large minority stake and receive multiple seats on its board of directors.

The private equity firm’s media portfolio also includes Univision Communications Inc. and Yankees Entertainment and Sports Network.

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