Hulu owners opt to keep online video service

Jul 12, 2013
21st Century Fox chief operating officer Chase Carey speaks during a hearing on November 17, 2010 in Washington, DC. The entertainment studios behind Hulu took the online video service off the auction block Friday, opting instead to pump an additional $750 million into the Netflix rival.

The entertainment studios behind Hulu took the online video service off the auction block Friday, opting instead to pump an additional $750 million into the Netflix rival.

"We believe the best path forward for Hulu is a meaningful recapitalization that will further accelerate its growth under the current ownership structure," 21st Century Fox chief operating officer Chase Carey said in a statement.

"We had meaningful conversations with a number of potential partners and buyers, each with impressive plans and offers to match, but with 21st Century Fox and Disney fully aligned in our collective vision and goals for the business, we decided to continue to empower the Hulu team."

The list of bidders for Hulu reportedly included satellite television company DirecTV; US telecom titan AT&T, and Internet pioneer Yahoo!

A Friday deadline had been set for submitting final bids for Hulu, which was launched in 2007 in a partnership between Comcast's NBCUniversal; 21st Century Fox, and The Walt Disney Company.

While it remained unclear how high bids had climbed, DirecTV had reportedly lodged an early-round bid of more than $1 billion.

"Hulu has emerged as one of the most consumer friendly, technologically innovative viewing platforms in the digital era," said Disney chief executive Robert Iger.

"As its evolution continues, Disney and its partners are committing resources to enable Hulu to achieve its maximum potential."

Hulu, which has been battling rivals like Netflix in the area of streaming video, generated some $690 million in revenues last year. It has around four million subscribers to its premium video service.

Hulu also has a free service supported by advertising.

Explore further: Uber: As drivers get perks, riders losing patience on privacy snafus

add to favorites email to friend print save as pdf

Related Stories

Bidders vie for online video website Hulu

Jul 09, 2013

The Wall Street Journal on Monday reported that several bidders have stepped up to vie for Hulu, an online video website that Internet pioneer Yahoo was said to be eyeing as an acquisition.

Yahoo, pay-TV operators among Hulu bidders

May 25, 2013

Online video site Hulu is again up for sale, with Yahoo and pay TV operators DirecTV and Time Warner Cable among the seven bidders, according to a person with direct knowledge of the matter.

Recommended for you

Apple market value hits $700 bn

4 hours ago

A rise in Apple shares Tuesday pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.