Hulu and its owners have announced that they will not sell the popular video site after all.
“Since Hulu holds a unique and compelling strategic value to each of its owners, we have terminated the sale process and look forward to working together to continue mapping out its path to even greater success,” Disney, News Corp., Providence Equity Partners and Hulu’s senior management said in a joint statement. “Our focus now rests solely on ensuring that our efforts as owners contribute in a meaningful way to the exciting future that lies ahead for Hulu.”
Hulu started considering a sale in June after Yahoo expressed interest in acquiring the world’s second largest video website. Yahoo, Google, Amazon, Dish Network and others were reportedly in the running.
However, none of the bidders offered an amount that was satisfactory to its owners. Google apparently offered more than $4 billon for the site, but wanted longer-term guarantees to its video content. Hulu’s premium videos are primarily provided by Disney (which owns ABC), Comcast (which owns NBC-Universal) and News Corporation (which owns Fox).
In the end, Hulu’s owners simply couldn’t find a compelling reason to give up one of their biggest digital success stories. Apple, Amazon and other technology companies have transformed the distribution models for TV shows and movies in the last few years. Hulu is one of the entertainment industry’s best weapons in the battle to take control of their online destinies.
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