Even with the awards and media attention it has received lately, Hulu is heading toward a future clouded with uncertainty, thanks to a tricky corporate structure and the merger mania that has taken hold of the media and entertainment industries. The company has four owners: The Walt Disney Company (30 percent), 21st Century Fox (30 percent), Comcast (30 percent) and Time Warner (10 percent). If Disney’s pending $52.4 billion acquisition of most of 21st Century Fox wins governmental approval, as is expected, Disney will own 60 percent of Hulu.

The Disney-Fox deal raises the question of what will happen to Hulu, given that Disney is already developing two streaming services. Another potential issue is whether or not two of Hulu’s owners — Disney, which owns ABC, and Comcast, which owns NBC Universal — will be able to play nicely with each other after they become owners with uneven stakes in the platform.

“It’s incredibly awkward,” said Rich Greenfield, a media analyst at BTIG, a global financial services firm. “The question is which way it goes: Does Comcast buy out Disney? Or does Disney buy out Comcast?”

The corporate uncertainties have come to Hulu at a time of mounting losses: It lost $920 million in 2017, according to BTIG, which projects that the business will lose $1.67 billion this year. Hulu is also facing more intense competition than ever as its rivals disrupt the entertainment industry by handing out big checks. In recent months, Netflix has signed the producers Shonda Rhimes and Ryan Murphy to nine-figure deals; Amazon has pledged more than $200 million toward a “Lord of the Rings” series; and Apple, a newcomer in the field, is shelling out hundreds of millions to create original programming of its own.

The outlook is not all bleak. According to Peter Rice, the president of 21st Century Fox, Hulu had more subscriber growth domestically than Netflix in the last two quarters of 2017. And this month, Disney signaled its commitment when its chief strategy officer, Kevin Mayer, suggested that the other streaming services now in the works at Disney would not get in Hulu’s way.

“We’re very much in support of growing Hulu,” Mr. Mayer said at Recode’s Code Media conference. “It takes an investment, for sure. We’re happy to undertake that investment for the outcome, which we know is going to happen. It’s going to be a big, profitable service.”

Hulu has tried to match its rivals in courting talent aggressively. In addition to greenlighting “The Looming Tower” and “Castle Rock,” the company made a deal with George Clooney for a six-episode adaptation of “Catch-22”; signed Jason Blum, a producer of “Get Out,” for a monthly horror anthology series; brought aboard Beau Willimon, the creator of “House of Cards,” for a series starring Sean Penn about human colonization of Mars; and arranged for a reboot of the popular 1990s cartoon “Animaniacs” with Steven Spielberg and his Amblin Entertainment production company.