Yahoo Withdraws Hulu Bid (Report)

 

NEW YORK - Yahoo, which made an initial approach that kicked off a sales process for online joint venture Hulu, has withdrawn from the bidding process, the Wall Street Journal reported Monday.

The auction continues with satellite TV firm Dish Network, Google and Amazon.com still involved following a latest bidding deadline last week, it said.

Meanwhile, Hulu owners News Corp., Walt Disney Co., Comcast/NBCUniversal and private equity firm Providence Equity Partners are still weighing whether to sell or not, according to the Journal.

If they do decide to sell, Hulu's board could make a decision in the coming weeks, it added.

Dish, and its chairman Charlie Ergen, are still considered the most determined buyer for Hulu, the Journal said, citing people familiar with the situation. The company's recent initial bid was worth about $1.9 billion before the company said it would rework the offer, according to the Journal.

Google is willing to pay more than the $1.5 billion-$2 billion range of rival bids, but it wants the company to agree to undisclosed specific conditions, the paper said.

Yahoo withdrew its offer amid its own strategic review, the Journal said.

A spokeswoman for Hulu declined to comment, the paper said.

Representatives for Dish and Amazon.com didn't return requests for comment, and a Google spokeswoman said the Internet giant doesn't "comment on rumor or speculation."

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