Former News Corp president Peter Chernin has bid around $500 million for Hulu, the online video streaming service he helped create in 2007, according to two sources with knowledge of Hulu’s sale process.<\/p>\n
The website, jointly controlled by News Corp and Walt Disney Co, reached out to potential buyers in March after initially contemplating a deal in which one would buy out the other. It is not clear whether that transaction is still being contemplated.<\/p>\n
Chernin, a former Hulu board member who now runs a media holding company, is among those interested, the sources said on condition of anonymity because the bidding is not public. It is not known if other bidders have come forward.<\/p>\n
Chernin left News Corp in 2009 to assemble The Chernin Group, whose holdings span film and TV production and owns stakes in high-tech companies, including online radio service Pandora Media Inc.<\/p>\n
Providence Equity Partners invested $200 million in The Chernin Group in April 2012. The private equity firm sold its 10 percent stake in Hulu in October for $200 million, valuing the streaming service at $2 billion.<\/p>\n
Charles Sipkins, Chernin’s spokesman, would not comment. Hulu spokeswoman Elisa Schreiber and News Corp’s Dan Berger also had no comment. Disney declined to comment.<\/p>\n
Hulu’s owners have for years pondered the direction of a service that now has more than 3 million subscribers for its premium offering and generated revenue of about $700 million last year.<\/p>\n
A third owner, NBC parent Comcast Corp, gave up corporate control as a condition of buying NBC Universal.<\/p>\n
The owners have shopped Hulu before, rejecting bids in 2011. The company also considered an initial public offering in 2010.<\/p>\n
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