As sale and IPO processes continue to wither in the face of turbulent markets, the owners of Hulu, the streaming entertainment company, announced late Thursday they would not, in fact, pursue a sale of the company. News Corp., Providence Equity Partners, and the Walt Disney Co. are among Hulu’s owners. Previously, it was reported that strategic bidders had failed to satisfy sellers’ requirements.
Hulu Equity Owners Announce Decision to Terminate the Hulu Sale Process
LOS ANGELES, NEW YORK & PROVIDENCE, R.I.–The following is a joint statement from Hulu owners News Corporation, Providence Equity Partners, The Walt Disney Company and the Hulu senior management team:
“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.”
About News Corporation
News Corporation (NASDAQ: NWS) (NASDAQ: NWSA) (ASX: NWS) (ASX: NWSLV) had total assets as of June 30, 2011 of approximately US$62 billion and total annual revenues of approximately US$33 billion. News Corporation is a diversified global media company with operations in six industry segments: cable network programming; filmed entertainment; television; direct broadcast satellite television; publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America.
About Providence Equity Partners
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, communications, information services and education companies around the world. The principals of Providence manage funds with over $23 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm’s inception in 1989. Significant existing and prior investments include Altegrity, Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Hulu, ikaSystems Corporation, Idea Cellular, Kabel Deutschland, NexTag, PanAmSat, ProSiebenSat.1, Study Group, TDC, Univision, VoiceStream Wireless, Warner Music Group, and Yankees Entertainment and Sports Network. Providence is headquartered in Providence, RI (USA) and has offices in New York, London, Los Angeles, Hong Kong and New Delhi. Visit www.provequity.com for more information.
About The Walt Disney Company
The Walt Disney Company (NYSE: DIS), together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. Disney is a Dow 30 Company, had annual revenues of over US$36 billion in its most recent fiscal year, and a market capitalization of US$81billion as of 15 February 2011. For more information about The Walt Disney Company please visit:http://corporate.disney.go.com/.
Hulu is an online TV service whose mission is to help people find and enjoy the world’s premium content when, where and how they want it. As we pursue this mission, we aspire to create a service that users, advertisers and content owners unabashedly love. Hulu was founded in 2007 and is operated independently by a dedicated team with offices in Los Angeles, New York, Chicago, Seattle, Tokyo and Beijing. NBCUniversal, News Corporation, The Walt Disney Company, Providence Equity Partners, and the Hulu team share in the ownership of the company (www.hulu.com).