Former News Corp President Peter Chernin helped to create the online video streaming service Hulu in 2007. Now he has bid around $500 million for the website. The website, jointly controlled by News Corp and Walt Disney Co, “reached out to potential buyers in March.”
Chernin left News Corp in 2009 to assemble The Chernin Group, whose holdings span film and TV production and stakes in high-tech companies, including online radio service Pandora Media Inc. Providence Equity Partners, one of the Chernin Group’s investors, sold its 10 percent stake in Hulu for $200 million last year, valuing the service at $2 billion.
Hulu now has more than 3 million subscribers for its premium offering and generated revenues of about $700 million last year.