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Yahoo is among 7 bidders for Hulu site
Aggregated Source: Shanghai Daily: Business

ONLINE video site Hulu is again up for sale, with Yahoo and pay TV operators DirecTV and Time Warner Cable among the seven bidders, said a person with direct knowledge of the matter.

The person wasn't authorized to speak publicly and spoke last Friday on condition of anonymity, after several news outlets reported on the bidding.

The person didn't offer details on the prices offered. Published reports have pegged a bid by a group led by former News Corp executive Peter Chernin at US$500 million. The other three bidders were all private equity firms: Kohlberg Kravis Roberts & Co; Guggenheim Partners; and Silver Lake, in partnership with talent agency William Morris Endeavor, according to the person.

The person said the bidders would be narrowed down in the coming weeks.

The Walt Disney Co and News Corp control Hulu through their broadcast subsidiaries, ABC and Fox. Comcast Corp, owner of NBC, is also an investor, although it gave up its say in Hulu's affairs as a condition of its purchase of NBCUniversal in 2011.

Hulu's owners tried to sell the site before, but decided against it in 2011 after months of entertaining outside offers. Talk of a sale resurfaced after CEO Jason Kilar said in January that he would step down at the end of March. Since then, Hulu has been led by interim CEO Andy Forssell.

Its owners have struggled over the right strategy for the service.

Disney and News Corp have said Hulu is losing money.

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Copyright Shanghai Daily: Business