April 16 (UPI) -- AT&T has sold its 10 percent minority stake in Hulu back to the streaming-video giant for $1.43 billion.
"We thank AT&T for their support and investment over the past two years and look forward to collaboration in the future," Hulu CEO Randy Freer said in a statement Monday. "WarnerMedia will remain a valued partner to Hulu for years to come as we offer customers the best of TV, live and on demand, all in one place."
AT&T will be launching its own subscription streaming service to compete with Hulu. That could mean that WarnerMedia pulls some of its content from Hulu so it can be exclusively on its own service. Proceeds from the sale will go toward paying off AT&T's debt.
Disney had a 30 percent stake in Hulu until it acquired Fox, which gave it another 30 percent.
Hulu gained 25 million total subscribers in 2018, a net gain of 8 million for the year.