Since June, Hulu has been listening to offers from various interested parties who might want to purchase the popular TV and movie–watching service, but it appears that they’ve had a change of heart.
In a joint announcement from Hulu and its owners, News Corporation, Providence Equity Partners, and The Walt Disney Company have announced that won’t be selling Hulu, and that they will now continue to focus on improving and evolving the service.
The short statement made read “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.”
A reason for why the group of owners decided to put a stop on the sale process is not yet known, but it’s assumed that the offers they were receiving weren’t exactly as high as they were hoping they would be.
It’s thought that the Hulu owners were looking for around $2 billion to $4 billion for the company, which seems a bit stiff for a place no one likes anymore due to ad–riddled content and price plans.
[Source: Hulu via VentureBeat]