Hulu CEO Kilar Stepping Down4 Jan, 2013 By: Erik Gruenwedel, Chris Tribbey
Hulu CEO Jason Kilar announced Jan. 4 that he will leave the company by the end of the first quarter. Also leaving the company is Rich Tom, SVP and chief technology officer.
“We have grown from a few hundred thousand in revenue in 2007 to generating almost $700 million in revenue in 2012 alone,” Kilar wrote in a blog post. “We have created a video subscription service that is growing unusually fast, adding over 200,000 new subscribers in the past seven days alone (a new record). We have proudly generated over $1 billion for our content partners since we excitedly entered private beta in October 2007.
“My decision to depart has been one of the toughest I’ve ever made,” he continued. “Though the words will fall short of the intended mark, please know how much this team means to me and how very thankful I am to be able to innovate and build alongside you each day.”
The announcement did not come as a complete surprise, as rumors of his departure have been circulating for months. Still, it comes two weeks after The Walt Street Journal reported Hulu was suffering a quarterly operating loss of about $30 million and had recently borrowed $338 million to fund a $200 million buyout of Providence Equity Partners' 10% stake, and a $134 million equity-compensation payout to employees, including $40 million to Kilar.
Kilar had reportedly asked corporate parents News Corp. and The Walt Disney Co. for $200 million in additional funding to help Hulu acquire content and expand operations.
Disney and News Corp. co-own Hulu with Comcast.