Comcast to relinquish Hulu management, not financial stake

Comcast (Nasdaq: CMCSA) can continue to make (or lose) money from NBC Universal's stake in online TV site Hulu, but it can't have a say in how the entity is run, the FCC's approval conditions have made clear.

NBC Universal is a member of the board overseeing Hulu--along with ABC and Fox--but that seat must be vacated by the new Comcast ownership. It was, a government official told The New York Times on background, a touchy situation to leave Comcast with a financial stake but no real power.

"If we had divested them from Hulu that would have helped to kill Hulu," the official said. "By keeping the financial interest intact, they have some skin in the game to have Hulu be successful."

David Cohen, Comcast's executive VP and merger mouthpiece said the company was "perfectly satisfied" with the arrangement.

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