Hulu Considers Sale After Buyout Offer
NEW YORK – Online video joint venture Hulu is considering whether to sell itself after being approached about a possible takeover by a company that doesn't currently own a stake in it, sources said Tuesday in confirming a Wall Street Journal report.
Citing a source familiar with the situation, the LA Times later said that the suitor in question was Yahoo.
As a result of the approach, the board of Hulu, which is owned by Walt Disney, News Corp., NBCUniversal and private equity firm Providence Equity Partners, decided to mull its options, including possibly looking for interest from other parties, a source said in confirming the Journal report.
If the company engages bankers to look for additional suitors, financial firms, media and technology companies are all expected to be approached.
A Hulu spokeswoman and a News Corp. spokesman declined to comment. Yahoo also declined to comment.
The company’s owners have at time been at odds over its future direction.
CEO Jason Kilar earlier this year wrote a blog post about the future of TV that enraged Hulu's owners with its criticism of traditional TV.