July 8 Streaming video site Hulu has attracted
three bids of over $1 billion from suitors including a
partnership of AT&T Inc and Chernin Group, the Wall Street
Journal reported, citing people familiar with the matter.
The three highest bidders also include DirecTV and
Guggenheim Digital Media which is jointly bidding with private
equity firm KKR & CO LLP, the Journal said. ().
The deal could be sealed in a week or two after the deadline
for bids ends this week, it added.
Hulu, which was created in 2007, says on its website that it
has more than 3 million subscribers paying $7.99 a month for its
premium service, and that it generated revenues of about $700
million last year. It sells advertising for its free service.
AT&T could benefit from Hulu's mobile video and streaming
video services, the financial daily said citing analysts.
The proposed price tag in excess of $1 billion increases the
likelihood of a sale after the owners, News Corp and
Walt Disney Co, failed to sell the company in 2011.
Hulu was put on the auction block this year for the second
time after the owners disagreed about how best to operate a Web
service that streams TV programs and other videos, Reuters