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Chernin makes $500m play for Hulu

Former News Corp chief operating officer Peter Chernin, one of the key architects in the development of Hulu, has reportedly made a US$500m bid for the online video service.

Zodiak Rights

Chernin, whose media firm The Chernin Group (TCG) is backed by one-time Hulu investor Providence Equity Partners and Qatar Holding, is among a number of interested parties, according to Reuters. The US$500m price tag represents a significant mark down on the US$2bn Hulu’s owners were hoping for when the site was first put on the block two years ago.

According to the Financial Times, shareholders News Corp and Disney were “wholly underwhelmed” by Chernin’s offer. TCG already has a stake in Endemol India and is reportedly also looking at a buy-out of IMG Media.

The Fox parent and the Mouse House are themselves said to be considering buying out each other’s Hulu stake, while the third remaining shareholder, Comcast Communications, gave up having corporate say as a condition of its NBCUniversal merger.

Hulu is now being overseen by former VP of content Andy Forssell, who was promoted to CEO at the beginning of this month, taking over from Jason Kilar.

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