Peter Chernin offers $500M for Hulu

Peter Chernin, who, as president of News Corp. (Nasdaq: NWSA) was on hand at the birth of Hulu in 2007, now wants to become more involved in the juvenile service and is willing to put up $500 million to do so.

According to a Reuters story, Chernin is the most public of perhaps multiple buyers who would like to take control of the company from active partners Walt Disney Co. (NYSE: DIS) and News Corp. and inactive partner--thanks to regulatory restrictions--Comcast (Nasdaq: CMCSA), via its NBCUniversal unit. Bidding (if Hulu is actually for sale) is private, the story said.

Chernin certainly has a history with Hulu. Before leaving News Corp. in 2009 to form The Chernin Group, a media holding company with holdings across film and TV production and stakes in high tech companies like Pandora Media, he was an active participant in the formation of the service that offers both free and subscription access to new and old television shows online.

Another investor, Providence Equity Partners, sold its 10 percent stake in Hulu last November for $200 million.

Hulu reportedly has 3 million subscribers and generates about $700 million in revenue per year. Its active owners have been said to be pondering a sale while also looking at different business models under which it could be run, but nothing is official. It's not a new tactic; the service was offered for sale in 2011 but those bids were rejected.

Chernin spokesman Charles Sipkins, Hulu spokeswoman Elisa Schreiber and News Corp. spokesman Dan Berger had no comment for Reuters.

For more:
- Reuters carried this story

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