Hulu CEO Jason Kilar Announces Plans to Resign
Hulu CEO Jason Kilar and CTO Rich Tom will be resigning from their positions at the Los Angeles based web TV company by April of 2013, according to recent reports. 2012 revenue reached $695 million, a 65% increase, when paid subscribers reached 3 million — but despite this impressive growth, the streaming business is getting more and more competitive, thanks to Netflix (NASDAQ:NFLX), Amazon (NASDAQ:AMZN), Verizon (NYSE:VZ), and Google (NASDAQ:GOOG).
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
Kilar sold shares to receive about $40 million, and the company, which is owned by Walt Disney Co.’s (NYSE:DIS)’s ABC, News Corp’s (NASDAQ:NWSA) Fox, and Comcast Corp’s (NASDAQ:CMCSA) NBC Universal, spent $200 million to repurchase Providence Equity Partners Inc.’s 10% stake two months ago, which put their value at approximately $2 billion.
Kilar and Tom, who have been with Hulu since its beginnings in 2007, have not yet disclosed their future plans.