Commercial broadcaster Nippon Television Network Corp. said Friday it will acquire online video service provider Hulu LLC’s business in Japan for an undisclosed amount.
The transaction is expected to be completed in early spring, and NTV will provide the subscription video on demand service in Japan under the Hulu brand using the same platform, the Tokyo-based broadcaster said.
Los Angeles-based Hulu started offering the service in Japan in September 2011. It currently offers subscriptions for unlimited viewing of content via Internet-connected devices such as televisions, personal computers and smartphones for ¥980 per month.
“Nippon TV is looking forward to succeeding Hulu’s business as a new path to deliver content through the Internet,” NTV President Yoshio Okubo said in a statement in English. “We feel a big potential in the brand and service Hulu has created.”
Hulu CEO Mike Hopkins says Hulu had grown to a point where it believed the best path forward was to sell its Japan business to a strategic buyer.