Fox, NBC, Disney to Keep Ownership of Hulu
Hulu won't be sold after all.
Owners 21st Century Fox, NBCUniversal and the Walt Disney Co. said Friday that they will retain their ownership positions in Hulu.
The owners said that they will provide the Web video site $750 million in new funding in order to grow the business.
"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," Bob Iger, chairman and CEO, The Walt Disney Company, said in a statement.
"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 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."
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.