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Hulu appears set to announce its second CEO of the year. According to reports from both Bloomberg and Reuters, 21st Century Fox Executive Mike Hopkins will likely take over the company, replacing Andy Forssell, who has served as interim CEO since last spring. The online media streaming powerhouse has yet to make an official announcement, but the decision seems all but finalized, with Forssell reportedly issuing a memo on Thursday to announce his departure.

Hopkins previously ran Fox's distribution, and his new appointment will put him in a position to guide content from Hulu's owners—Fox, Comcast and Disney—onto the popular Web service. With the streaming media market heating up and Hulu facing tough competition from Netflix and Amazon, it's clear that content is the key to success. Hopkins should be able to deliver more content than ever based on his experience working in Hollywood.

The decision to go with Hopkins, over someone with experience in internet companies, ad sales or content creation is an interesting one that may reveal how Hulu's owners see the company's future. The move brings Hulu closer to the traditional movie industry and a step back from the world of Internet startups. While it's unlikely the company will stop producing its own content, it seems Hopkins focus may be on securing deals with Fox, Disney and the rest of the industry over exploring new and untested opportunities.