Hulu won’t be sold after all.
Owners 21st Century Fox, NBCUnversal and the Walt Disney Co. said Friday that they will retain their ownership positions in Hulu. The owners said that they will provide the web video site $750 million in new funding in order to grow the business.
According to reports, the owners had entertained offers from DirecTV, as well as the Chernin Group and AT&T. Guggenheim and KKR were said to have dropped out of the bidding, while Time Warner Cable has looked to make an investment in Hulu. Reports indicate that Hulu owners are still open to selling a stake to the MSO or another strategic investor.
“Hulu has emerged as one of the most consumer friendly, technologically innovative viewing platforms in the digital era. As its evolution continues, Disney and its partners are committing resources to enable Hulu to achieve its maximum potential,” Bob Iger, Chairman and CEO, The Walt Disney Company, said in a statement
“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 COO 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."