The owners of Hulu have called off the planned sale of the online video service. Hulu is backed by Disney, NBC, News Corp, and private equity firm Providence Equity and the three media companies issued a joint statement saying the sale process has been terminated and the partners are now focused on growing the service.
The statement, issued on the Hulu blog said: “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.”
Several big-name media companies had circled Hulu and Amazon, Dish, Google, Microsoft and Yahoo all reportedly expressed an interest. Initial bids were lodged in August after it was put on the block in June and understood to range from US$500 million (€363 million) to US$2 billion.
Last year Hulu’s backers ditched plans for an IPO. The complex nature of the rights deals involved in a sale reportedly held up negotiations with potential buyers seeking assurances over long term access to content. Hulu has repeatedly talked up its international plans, but, outside the US, has only launched in Japan to date.