Time Warner Cable Still Looking to Buy Stake in Hulu (Report)
Hulu was taken off the market Friday morning by its owners, but talks are ongoing for Time Warner Cable to buy an ownership stake, Bloomberg reports.
Hulu is owned and jointly operated by 21st Century Fox, Walt Disney Company and NBCUniversal. The owners said in a joint statement that they will be investing $750 million in new funding for the streaming service to grow.
“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, in a statement Friday.
The streaming video service had received bids from Yahoo, Silver Lake Management with William Morris Endeavor and Guggenheim Digital Media (owner of The Hollywood Reporter) with private equity firm KKR.
Time Warner Cable previously had offered to buy a stake in Hulu along with other bidders. Bloomberg reported that TWC was looking to buy a 25 percent stake.
The renewed interest signals Hulu could still be in play, even as its owners indicate that they will attempt to grow the service before shopping it again. This is the second time the streaming service has been taken off the market in two years.