Hulu No Longer For Sale, Receives $750 Million USD in Funding
July 15, 2013 9:47 AM
The co-owners have decided to hold onto Hulu and fund its growth
Hulu's co-owners have taken
the "for sale" sign
off of the video streaming service and decided to pour more money into it instead.
NBCUniversal, 21st Century Fox and The Walt Disney Company -- which co-own Hulu -- have decided not to sell Hulu afterall. Instead, they're putting $750 million USD in cash into the service to help it grow.
"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, which was founded in March 2007, has been attracting
bidders such as Yahoo
, Time Warner Cable and DirecTV ever since the sale was announced. In May of this year, some sources valued Hulu at $2 billion USD.
However, selling Hulu wasn't easy because it only had short-term contracts with content providers, meaning the buyer would have to work to renew these contracts or find other sources of content -- and this does not come cheap.
Hulu has some tough competition out there, such as Netflix and Amazon. The two have similar subscription-based models and have deep pockets to continue offering premium content at fairly low prices ($8 per month for Netflix or $79 per year with Amazon). But Hulu and its premium service Hulu Plus has a good following, and with the new $750 million in cash, Hulu has a good chance of sticking around as one of the big boys in the video streaming world.
“We do believe we have a moral responsibility to keep porn off the iPhone.” -- Steve Jobs
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