Hulu CEO to Step Down

The company's chief technology officer is also leaving

   

Hulu 630 speaker 300x225 Hulu CEO to Step DownHulu 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/.

©2014 InvestorPlace Media, LLC

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