Hulu made TV episodes from networks such as ABC, NBC and Fox available online after they aired on TV.
The company said a further announcement will be made in due course.
The decision was approved by Disney, which will soon acquire most of Fox and would have inherited the Sky stake.
The move comes days after Comcast made a successful bid of £30.6 billion ($40 billion) for a controlling stake in Sky.
Sky's subscription base of 23 million and lucrative rights to English Premier League football make it one of Europe's most profitable and powerful TV companies.
Sky is at centre of a bidding battle between Rupert Murdoch's Fox, which already owns 39 percent of it, and US cable giant Comcast.