Introducing…Hulu.

That’s the name of the NBC-News Corp.-backed professional video site that, until Wednesday, had been known only as “Newsite”. Hulu will go into invitation-only Beta testing mode in October, delayed from what was originally a promised summer launch.

“Objectively, Hulu is short, easy to spell, easy to pronounce, and rhymes with itself,” said Hulu CEO Jason Kilar, in a blog post.

“Subjectively, Hulu strikes us as an inherently fun name, one that captures the spirit of the service we're building,” he wrote. “Our hope is that Hulu will embody our (admittedly ambitious) never-ending mission, which is to help you find and enjoy the world's premier content when, where and how you want it.”

A Hulu spokesperson said the name was born out of a collaborative process between a branding company and internal employees.

The naming of a new web site is not generally a newsworthy event, but then again most new domain names don’t enter the world with the backing of NBC and News Corp. as well as a $100 million private equity investment for a total valuation reportedly worth $1 billion. The companies have said they aim to dominate professional video content on the Internet and fend off the threat from illegal file sharing through peer-to-peer networks.

So can young Hulu possibly live up to expectations?

Fox Group CEO Peter Chernin and NBC president and CEO Jeff Zucker in March said they hoped other media companies would contribute content to the service and help make the new site the definitive home of professionally produced video streamed on the Internet. They also said the new video network would launch over the summer.

But it wasn’t even until July that the venture named Mr. Kilar as CEO. It has also added a smattering of additional content from such companies as CNET Networks, Comcast, Oxygen, and TV Guide, but has failed so far to sign on large partners such as CBS, Viacom, and Disney/ABC.

The question for Hulu is whether it can still convince more media companies to add content to a site that's owned and controlled by several giants in the industry. On the other hand, maybe it can still thrive without Lost or Survivor. After all, with NBC and Fox-affiliated hits such as Heroes, 24, and Bones, Hulu will launch as one of the more comprehensive advertising-supported (legal) venues for popular television shows on the web.

Starting in October, Hulu videos will be available through web portals including Yahoo, MSN, AOL, and MySpace, and by invitation only on Hulu.com for viewers who send in an email address.