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Hulu CEO to Step Down

The company's chief technology officer is also leaving

   

Hulu is about to lose its CEO. Jason Kilar, who has led the online video-streaming service since its 2007 launch, announced on Friday that he’ll leave the company by the end of March.

While Hulu has attracted more than 3 million subscribers and posted $700 million in revenue last year, it continues to lose money. Sources told the Associated Press that Kilar sold his stake in Hulu for about $40 million late last year.

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Disney (NYSE:DIS) and News Corp (NASDAQ:NWSA), which own Hulu, had considered selling the company in 2011, but ultimately decided not to.

Although initially free for users, Hulu introduced a $10 monthly subscription fee in 2010. That was later dropped to $8 per month, the same price as rival Netflix’s (NASDAQ:NFLX) video-streaming monthly fee.

In addition to Kilar, Hulu’s chief technology officer and former Microsoft (NASDAQ:MSFT)  executive, Richard Tom, will also depart in March.

Shares of Disney fell more than 1% in Monday morning trading, while News Corp slipped fractionally.


Article printed from InvestorPlace Media, http://investorplace.com/2013/01/hulu-ceo-to-step-down/.

©2016 InvestorPlace Media, LLC

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