CANCELLED! Hulu Cancels Sale; FOX, Disney And NBC To Remain Owners
The on again off again sale of Hulu is finally off. 21st Century Fox, NBCUniversal and The Walt Disney Company said that they will together provide a cash infusion of $750 million in Hulu and maintain their current ownership positions.
“We believe the best path forward for Hulu is a meaningful recapitalization that will further accelerate its growth under the current ownership structure,” said Chase Carey, President and Chief Operating Officer of 21st Century Fox. “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, in this fashion, to continue the incredible momentum they’ve built over the last few years.”
Hulu, the Web streaming service that is jointly owned by the Walt Disney Company, NBCUniversal, and News Corporation, was up for sale and received interest from Yahoo!, Time Warner Cable, DirecTV, the Chernin Group, Guggenheim Digital Media and Kohlberg Kravis Roberts.
Hulu, which is reportedly valued at $1 billion, likely didn’t receive bids worthy of a sale. The Web streaming service, which was launched in 2008, has played a huge part in popularizing online television and boasts over 400 content partners and more than 30 million monthly unique visitors.
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