Hulu CEO says its new live TV service won't kill off its media-giant parent companies

Hulu CEO Mike Hopkins told CNBC's "Power Lunch" on Thursday that Hulu's parent companies — the media giants — have nothing to worry about when it comes to its new live TV service.

Part of the reasoning behind why his company's stakeholders — which include 21st Century Fox, Time Warner, Comcast and Disney — will be OK, he said, has to do with the target audience for the service.

"We're offering their channels in this package so I don't think they have anything to worry about," Hopkins said. "The target we're going to focus on are people who have decided not to opt into paid TV so far ... and the people that have opted out already."

The chief executive said he wasn't worried about a mass exodus from paid TV subscriptions and suggested those subscriptions could even see an increase thanks to Hulu's new service.

"We actually think that with services like ours, you're going to see paid TV subscriptions stabilize in this country and potentially even grow in the future," he said.

On Wednesday, Hulu announced that CBS Corporation will make some of its programming available on its upcoming live TV service. The agreement includes programming on CBS, as well as CBS Sports Network and Pop, its entertainment channel. CBS is the newest media company on board, following 21st Century Fox, Disney and Turner.

Hulu subscribers will not be required to buy a cable or satellite service, and will have access to popular CBS programming, such as "The Big Bang Theory," "NCIS," "Big Brother," "Blue Bloods," "60 Minutes" and "NFL on CBS." Major annual events like The Grammys and the NCAA Division I Men's Basketball championship will also be streamed.

To build a successful live TV service, you have to have viewers' favorite sports and shows — and CBS' programming is absolutely vital to that mix," Hopkins said in a news release.

Hulu first announced its live TV service in May, but has yet to announce a launch date. On Tuesday, its chief executive announced it would be available for under $40, which puts it in direct competition with AT&T's DirecTV Now. The rival streaming service launched with a $35 introductory price, but will be raised to $60 later this month.

— CNBC's Michelle Castillo contributed to this report.

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

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