Posted April 7, 2013 by Jessica Wright in Business

Former President of News Corp places bid for Hulu

Peter Chernin, Founder, Chernin Entertainment, Inc., poses at the BAFTA Brits to Watch event in Los Angeles
Peter Chernin, Founder, Chernin Entertainment, Inc., poses at the BAFTA Brits to Watch event in Los Angeles

Peter Chernin, the previous president for News Corporation, announced today that he has placed a bid for Hulu worth $500 million. Hulu is an online streaming service that he has helped create during 2007. The company is currently controlled by both New Corporation and Disney. The deal started when Hulu reached out to any potential buyers during March after contemplating the deal by which a company is going to buy out another one. It hasn’t been clear until now if the transaction ended up being contemplated or not. Peter was a previous member in the board of Hulu but has left and now runs a holding company for media services.

He is extremely interested but it is unknown what the exact bid is as terms of the deal are still confidential. He left the company during 2009 to start his own successful company which is responsible for producing several TV shows. He also owns shares in several technological companies such as Pandora, one of the most important radio services in the world. Owners of the company have pondered the actual direction of their services for several years now but the strategy they are using and implementing is obviously working. The company has more than 4 million subscribers all over the world and was able to generate revenue of $800 million during last year. This is why it was somewhat confusing to experts and shareholders where news of the company being cold broke out.

NBC Comcast Corporation is another important owner in the company and has previously announced that they have completely given up any corporate control for purchasing NBC Universal. This clearly means that there are several parts of the company that aren’t going to be allowed to buyout firms. It was also announced that the company has rejected several bids from other companies because they didn’t follow specifications of the deal. However, it wasn’t announced who these companies were. Keep in mind that this isn’t the first time that Hulu rejects bids. For example, they rejected numerous bids from important companies during 2011 and during 2010 when they conducted a public offering. It is unknown what the specifications the company is actually following for these bids but what is known right now is that the company is looking for the best and most profitable buyer to end this deal especially that it has been going on for such a long time now.

Jessica Wright

Jessica Wright graduate of Northwestern University getting both Bachelor’s and Master’s Degrees in Broadcast Journalism. Jessica has been Senior Correspondent focusing on the impact of political decisions and office holders. Jessica is our seasoned investigative, political and community-oriented reporter and columnist whose work has won awards locally, statewide and nationally. Her awards have come from the National Federation of Professional Writers, the Ohio Newspaper Association, the Cleveland Press Club.