Disney and News Corp. say they will hold on to the pioneering streaming-media company as an effort to find a buyer abruptly ends.
Hulu’s months-long effort to find a buyer has been unsuccessful.our editor recommends
Owners of the popular company that lets users watch TV shows on-demand and online said late Thursday they have “terminated the sale process.”
News Corp., Disney and Providence Equity Partners., along with Hulu senior management, issued a joint statement saying, in part, “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.”
NBCUniversal, also a partner, was not mentioned in the statement, probably because it relinquished any management responsibilities it may have had as one of the conditions for governmental merger approval with Comcast.
Hulu announced a couple of months ago that it was initiating a bidding process and analysts had speculated the company might fetch from $2.5 billion-$3 billion, though Thursday’s acknowledgment that the effort has been abandoned suggests that would-be buyers weren’t willing to spend quite that much money.
“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,” the companies said in their joint statement Thursday.