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Former News Corp President Wants Hulu For $500 Million

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.”


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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.

Source: Reuters

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