Disney is joining News Corporation and NBC Universal, along with private equity outfit Providence, as an equal equity partner in the venture.
Hulu is currently only available in the US but is expected to launch internationally, including in the UK, within months. Financial terms of the deal were not disclosed.
Disney is making a range of its top shows available via Hulu, such as Ugly Betty, Private Practice and Scrubs.
All Disney content will be free and ad-supported.
The transaction is subject to certain conditions, including a US regulatory review.
As an equity partner, Disney will have three seats on the Hulu board that will be held by Bob Iger, Disney president; Anne Sweeney, co-chair, Disney Media Networks, and president, Disney/ABC Television Group, and Kevin Mayer, executive vice-president, corporate strategy, business development and technology.
All other current directors from News Corporation, NBC Universal and Providence will remain on the Hulu board.
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