Media

Hulu owners terminate sale, decide to grow the service instead

Owners of streaming video service Hulu have terminated their plans to sell the company, Hulu announced today.

The company issued the following joint statement on its website from News Corporation, Providence Equity Partners, The Walt Disney Company and Hulu’s senior management team:

“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.  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.”

The service, which provides ad-supported premium TV and film content to users, was first put up for sale in June. At that time, it was thought that its owners would rather sell the service than continue to butt heads over Hulu’s future business strategy.

VentureBeat previously reported that the Hulu auction might not move forward because the bidding offers from potential buyers weren’t high enough. The initial set of bids by companies like Google and Dish Network fell short of the Hulu owners’ expectations, which reportedly ranged from about $2 billion to $4 billion.