The auction for Hulu is off.
A news release announcing the decision, jointly issued by 21st Century Fox, NBC Universal and the Walt Disney Company, was issued Friday morning.
More to come...
21ST CENTURY FOX, NBCUNIVERSAL AND THE WALT DISNEY COMPANY TO MAINTAIN OWNERSHIP POSITIONS IN HULU
Companies Make Commitment to Recapitalize Hulu with $750 Million in New Funding to Propel Future Growth
New York, NY & Burbank, Calif., July 12, 2013 – 21st Century Fox, NBCUniversal and The Walt Disney Company today jointly announced that they will maintain their respective ownership positions in Hulu and together provide a cash infusion of $750 million in order to propel future growth.
Launched in 2008, Hulu is now a leading aggregator of premium online television content from over 400 content partners, and has achieved more than 30 million monthly unique visitors.
“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, Chairman and CEO, The Walt Disney Company.
“We believe the best path forward for Hulu is a meaningful recapitalization that will further accelerate its growth under the current ownership structure,” said Chase Carey, President and Chief Operating Officer 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."
Hulu launched its premium subscription service, Hulu Plus, in 2010, which has now surpassed four million subscribers after more than doubling in 2012. Hulu achieved record revenues of $690 million that same year.
- Arts & Entertainment
- the Walt Disney Company