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TheStreet Open House

Kilar to Quit as CEO of Hulu by March

Stocks in this article: DIS NWS NWSA CMCSA

"We are fortunate to have collectively built a culture that matters, a brand that matters, a business that matters," Kilar said in his memo. "It is impossible to state in words how much this team means to me, how much Hulu means to me."

Hulu's parent companies, The Walt Disney Co. (DIS) and News Corp. (NWS), lauded Kilar's accomplishments.

"Jason has been an integral part of the Hulu story, transforming it from an interesting idea into an innovative business model that continues to evolve," said Disney CEO Bob Iger in a statement. "We are proud of his achievements, we appreciate what he's built, and we share his confidence in his team's ability to drive Hulu forward from here."

News Corp. CEO Rupert Murdoch added, "Jason and his team have done a great job building Hulu into one of the leading online video services available today and it's incredibly well positioned for the road ahead. We are grateful for Jason's leadership and wish him the best on his next venture."

NBC parent Comcast Corp. (CMCSA) is required to be a silent partner in Hulu as part of the government signing off on its purchase of NBCUniversal in January 2011.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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