Hulu Buys More Content in Bid to Stay Relevant
As the competition for online video content intensifies, Lions Gate Entertainment Corp. (NYSE:LGF) announces it has sold a season of the Canadian television crime series “Endgame” to online video enterprise Hulu.
The Thunderbird Films’ award-winning drama, which debuted in Canada in March 2011, will premiere in the U.S. on Monday on Hulu and its Hulu Plus subscription service. The deal’s financial terms are undisclosed.
Known best for streaming new TV shows over the Internet, Hulu’s future has been unclear of late, although it has not paused in its pursuit of deals for new shows.
In October, News Corp. (NASDAQ:NWSA), Walt Disney Co. (NYSE:DIS) and Providence Equity Partners LLC said they were forsaking efforts to sell the Hulu and would instead work on planning its future. The Wall Street Journal at the time reported Disney and News Corp., the two media companies with voting stakes in the venture, would like to use Hulu to help create the burgeoning online video marketplace. Hulu’s media owners — which include Comcast Corp.’s (NASDAQ:CMCSA) NBCUniversal as a nonvoting partner — have battled with top Hulu managers over how many new TV shows on the service should be offered for free.
Meanwhile, Netflix Inc. (NASDAQ:NFLX), the video-streaming and DVD-by-mail rental company, has been heavily expanding its programming offerings and is venturing into original content as well.
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