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Report: Former News Corp exec Peter Chernin offers $500M for Hulu

updated 08:47 pm EDT, Fri April 5, 2013

Status of talks remains unclear

Former News Corp president Peter Chernin has reportedly submitted a $500 million bid to buy Hulu, several unnamed sources have told Reuters. Aside from noting the value of the alleged offer, the report does not shed light on the seriousness of the buyout talks. The company has been wooing potential buyers for several years, aiming in 2011 to fetch $2 billion for the streaming TV service.

Chernin is credited with helping to create Hulu, which is currently joint owned by News Corp, Walt Disney and Comcast, before he departed News Corp in 2009 to form his own media holding company, The Chernin Group. Private equity firm Providence Equity invested $200 million in The Chernin Group last April, and later sold its 10-percent stake in Hulu for $200 million.

News Corp and Walt Disney are said to have previously considered an internal sale, with either company selling its entire stake to the other, however the deal has yet to come to fruition. The owners reportedly mulled an initial public offering before deciding to sell the company outright.

Buyout talks, Providence's divestiture and rumors of a management shakeup have left Hulu's fate uncertain, as the company continues to compete with Netflix and other streaming services. Ownership talks have not stopped the company from continuing to expand its range of content, however, with a number of original series planned for this summer alongside other new exclusive shows.




by MacNN Staff

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