Hulu and The Walt Disney Company announced that Disney, through a subsidiary of ABC Enterprises Inc., has agreed to join NBC Universal, News Corp. and Providence Equity Partners as a joint venture partner and equity owner of Hulu. Upon closing, the agreement will enhance Hulu’s programming lineup 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, WIZARDS OF WAVERLY PLACE, PHINEAS AND FERB, and THE SECRET LIFE OF THE AMERICAN TEENAGER will soon be streamed on Hulu on an ad-supported basis.

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 Robert A. Iger, president and CEO of the Walt Disney Company; Anne Sweeney, co-chair, Disney Media Networks and president, Disney/ABC Television Group; and Kevin Mayer, evp, Corporate Strategy, Business Development & Technology. All other current directors from News Corp, NBC Universal and Providence will remain on the Hulu board.