NBC and News Corporation’s joine online video venture, dubbed ‘Hulu’, has acquired Chinese online video site Mojiti in a deal worth around $10m (4.9m).

Mojiti doesn’t actually host videos itself but allows users to annotate and customise existing videos from other sites. TechCrunch suggests it may be used as the basis for Hulu’s forthcoming video site.

Hulu was originally supposed to have been with us this summer but is now  promising a beta launch next month.

It has been valued at $1bn after receiving $100m (£49.5m) in VC funding from Providence Equity Partners last month.

Hulu aims to compete in the online video market by making use of the wealth of content available to both its parent companies – it plans to show full episodes of TV shows and films, supported by advertising.

Related stories:

News Corp and NBC to challenge YouTube

NBC jumps into bed with Amazon after Apple split