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Owners call off Hulu sale again

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By The Associated Press
Saturday, July 13, 2013, 12:01 a.m.
 

The on-again, off-again sale of Hulu is off — again.

Hulu's owners — 21st Century Fox, Disney and NBCUniversal — said Friday that they will remain owners of the online video service, while providing a cash infusion of about $750 million to ensure its growth.

The owners accepted formal bids for Hulu as recently as last week as part of their second attempt in three years to sell the company. But the announcement suggests the bids were too low. Reports pegged the high end of bidding around $1 billion, which is half of what Hulu was valued at when the existing owners bought out Providence Equity Partners' 10 percent stake for $200 million in April 2012.

Among the bidders were DirecTV and a partnership of AT&T and a group led by former Fox executive Peter Chernin. Time Warner Cable Inc. reportedly was interested in buying a stake in Hulu, rather than taking it over completely.

 

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