OFF THE MARKET: Hulu's owners decide to keep it and invest more in it
21st Century Fox, NBCU and Disney to pump $750M into five-year-old streaming company
It looks like the sale of Hulu is off.
Earlier this week, a number of possible suitors for the five-year-old company were talked up — including DirecTV and Time Warner Cable — but it now appears that the present owners have decided they like what they have and will instead invest more into it.
21st Century Fox, NBCUniversal and The Walt Disney Company have announced that they're keeping their stakes and will pump $750 million into Hulu to "propel future growth."
“Hulu has emerged as one of the most consumer friendly, technologically innovative viewing platforms in the digital era. As its evolution continues, Disney and its partners are committing resources to enable Hulu to achieve its maximum potential,” said Robert A. Iger, Disney's chairman and CEO.
“We believe the best path forward for Hulu is a meaningful recapitalization that will further accelerate [Hulu's] growth under the current ownership structure,” said Chase Carey, president and COO of 21st Century Fox. “We had meaningful conversations with a number of potential partners and buyers, each with impressive plans and offers to match, but with 21st Century Fox and Disney fully aligned in our collective vision and goals for the business, we decided to continue to empower the Hulu team, in this fashion, to continue the incredible momentum they've built over the last few years.”
Keep an eye on this one.