Hulu’s corporate parents are set to buy out their co-owner Providence Equity Partners by September, and the deal could trigger numerous changes to the site, according to a Variety report that’s based on a leaked memo obtained by the publication.

One consequence: Hulu CEO Jason Kilar could be set to cash out up to $100 million in equity – and that windfall seems to worry News Corp. (s NWS) and Disney, (s DIS) who both own close to 30 percent of the company. The media conglomerates seem to fear that Kilar could jump ship, and the memo obtained by Variety seems to indicate that they’re working on contingency plans (Comcast (s CMCSK) also owns roughly a third of Hulu, but doesn’t have any direct influence on the company’s future due to conditions for its merger with NBC Universal).

The report also suggests that the Providence buy-out could lead to a…

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