Walt Disney Co. Thursday announced its decision to become a joint venture partner of online video site Hulu, thereby teaming up with the existing partners - News Corp., NBC Universal and Providence Equity.

As a result of the new deal, Disney's world of entertainment will come to Hulu. The programs will comprise unabridged episodes of Disney's highly popular prime-time shows from its ABC network - including "Lost," "Desperate Housewives," and "Grey's Anatomy" - along with its cable offerings like ABC Family's "The Secret Life of the American Teenager" and Disney Channel's "Wizards of Waverly Place." In addition, with the help of ABC's library, Disney will also provide older episodes on Hulu, like "Who Wants to Be a Millionaire" and "Dancing With the Stars."

Jason Kilar, the elated Hulu CEO, said that the company feels "honored" at the thought of working with Disney. Talking of Walt Disney, Kilar said that he had an uncharacteristically high quality bar, and was "maniacal in his obsession to delight his customers."

Referring to Disney's latest move, the company's President and CEO Robert Iger said: "From our landmark iTunes deal to our pioneering decision to stream ad-supported shows on our ABC. com player, Disney has sought to meet the constantly evolving viewing habits of our consumers. The Hulu announcement is the next extremely important step in that ongoing journey."