LOS ANGELES, CA - April 30, 2009 - Hulu and The Walt Disney Company today announced that Disney, through its subsidiary ABC Enterprises Inc., has agreed to join NBC Universal, News Corporation and Providence Equity Partners as a joint venture partner and equity owner of Hulu, a leading online aggregator of video content. Upon closing, the agreement will enhance Hulu's programming line-up through the expanded online distribution of Disney's most popular current and library primetime series and library feature films. In particular, full-length episodes of hit current and library programs like Lost, Grey's Anatomy, Desperate Housewives, Private Practice, Ugly Betty, Scrubs, Greek, Hope and Faith, Less Than Perfect, Wizards of Waverly Place, Phineas and Ferb, Who Wants To Be A Millionaire, General Hospital, The View and The Secret Life of the American Teenager will soon be streamed on Hulu on an ad-supported basis.
"From our landmark iTunes deal to our pioneering decision to stream ad supported shows on our ABC.com player, Disney has sought to meet the constantly evolving viewing habits of our consumers, and today's Hulu announcement is the next important step in that ongoing journey," said Robert A. Iger, president and CEO, The Walt Disney Company. "Disney and Hulu share a focus on delivering the highest-quality entertainment experience and we look forward to working with Hulu to build value for our consumers, our brands and our shareholders."
"We're honored to welcome the Disney team in our mission to help people find and enjoy the world's premium content, when, where and how they want it," said Jason Kilar, CEO of Hulu. "With the addition of shows like Lost, Desperate Housewives, Grey's Anatomy and many more to Hulu, we continue to aspire to deliver a service that users, advertisers and content owners unabashedly love."
Following the closing, content available to Hulu users will include:
"Hulu, quite simply, now has the best premium content on the web," said Peter Chernin, president and chief operating officer, News Corporation. "With three major networks and over 150 leading content providers providing content, combined with the best video user interface anywhere on the web, Hulu offers consumers the finest premium online video experience available today."
"Hulu has shown that if you make quality content available on the web and combine it with an unbeatable user experience, viewers will come, and so will advertisers," said Jeff Zucker, president and CEO, NBC Universal. "The addition of some of the best content Disney/ABC has to offer will only enhance Hulu's standing as a top site for high quality video entertainment."
Jonathan M. Nelson, CEO of Providence, said "Hulu is creating significant value for users, advertisers and content owners. This balance, together with aggregated professional content and an expanding base of over 200 brand advertisers, is establishing Hulu as a compelling online video monetization platform. Hulu is a bright spot in the new media landscape."
The transaction is subject to customary closing conditions, including regulatory review. As an equity partner, Disney will have three seats on the Hulu Board that will be held by Mr. Iger; Anne Sweeney, co-chair, Disney Media Networks and president, Disney/ABC Television Group; and Kevin Mayer, executive vice president, Corporate Strategy, Business Development & Technology. All other current directors from News Corp, NBC Universal and Providence will remain on the Hulu board.
About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. Disney is a Dow 30 company and had annual revenues of nearly $38 billion in its most recent fiscal year.
Hulu is an online video service that offers a selection of hit shows, clips, movies, and more at Hulu.com and 35 destination sites online, including AOL, IMDb, MSN, MySpace and Yahoo!. Hulu's selection of premium programming is provided by nearly 150 leading content companies, including FOX, NBC Universal, Comedy Central, Lionsgate, MGM, MTV Networks, National Geographic, Paramount, PBS, Sony Pictures Television, and Warner Bros. Television Group.
Founded in March 2007, Hulu is currently co-owned by NBC Universal, News Corp., and Providence Equity Partners. It is operated independently by a dedicated management team with offices in Los Angeles, New York, Chicago and Beijing.
The Walt Disney Company
Disney/ABC Television Group
Sard Verbinnen & Co for Providence Equity Partners