Hulu Attracts $500M Bid

Hulu LLC has a new suitor. Former News Corp. president Peter Chernin has submitted a bid of "around $500 million" to buy the online video service, reports Reuters. Hulu, which is currently controlled by News Corp. and Walt Disney Co., put up its latest "For Sale" sign just last month. Comcast Corp. also owns a stake, but gave up corporate control as part of the terms of its NBC Universal acquisition. Chernin was part of the team that helped launch Hulu back in 2007, but in 2009 he left News Corp. to start his own company, The Chernin Group. The $500 million price tag would be a steep discount on the $2 billion-plus fee Hulu attempted to negotiate with buyers back in 2011, although AllThingsD reports Chernin's number could go up depending on the programming rights included in the deal. In 2011, Google, Amazon , Yahoo Inc., and Dish Network Corp. were in the running to purchase the streaming service. Google even offered to spend up to $4 billion for Hulu then, but only if it could retain access to more content over a longer period of time. Hulu ultimately rejected all bids and halted the sales process. The company said the owners had decided the company held "a unique and compelling strategic value to each of its owners." (See Google May Up the Ante for Hulu and Hulu: No Sale.) — Mari Silbey, special to Light Reading Cable