According to sources familiar with the negotiations, the content producing partners behind Hulu have bought out Providence Equity Partners.

It was reported back in April that News Corp., Comcast Corp. and Walt Disney Co. were looking to buy out the fourth partner, Providence Equity Partners. According to a report from TechCrunch, the deal was closed some time in the last week, but neither Hulu or Providence have gone on record about it as of yet.

Reportedly Hulu CEO Jason Kilar will see a payday somewhere between $40 and $100 million dollars from the deal. It may also lead to his departure from the company as this will leave him with few allies on the board of directors, and it is believed the media companies want to make some changes to the service such as adding more commercials, extending the window between broadcast and retransmission and so on. Kilar has been credited with much of the success of the service, but the media companies are definitely itching to make some changes.

This change at Hulu could have some definite ramifications for consumers that have turned to services such as Hulu, Netflix and Amazon as alternatives to paying for cable and satellite services. The involved television networks want Hulu to turn an even larger profit without damaging the traditional broadcast model, but that is unfortunately part of what has driven so many people to use it. It'll be a definite wait-and-see game for a while now as we see what changes, if any, are made at Hulu.

[via TechCrunch]