29th October 2007
NBC and News Corp are set to launch new online video website Hulu, offering free films and television programmes.
The website will rival Apple's iTunes and Google's YouTube, all supported by online advertising. Users can watch episodes of The Simpsons, House and Prison Break.
Hulu is currently only open on a limited basis to select users but the company says its videos will be eventually be available through AOL, MSN and other partner websites.
Cited in the LA Business Wire, president and chief executive officer of NBC Universal Jeff Zucker said: "Hulu's clean and crisp destination site, broad distribution network and embeddable video player make for a powerful combination and will provide substantial reach to consumers online."
The company also announced it has closed a $100 million (£48 million) investment from private equity firm Providence Equity Partners.
Google purchased YouTube for £1.65 billion in 2006 but unlike content provider-owned Hulu, it has to rely on licensing agreements with television or film suppliers.
Bookmark and share 'New MySpace rival Hulu is launched'