The video-streaming service Hulu has been on the auction block for several months, but it’s owners now say it won’t be sold.
Rather than sell this service off, 21st Century Fox, the Walt Disney Company, and NBCUniversal have announced that they will instead pt in $750 million to make Hulu more competitive against rivals like Netflix and Amazon Prime.
“We had meaningful conversations with a number of potential partners and buyers, each with impressive plans and offers to match,” says Chase Carey, the head of 21st Century Fox. “But with 21st Century Fox and Disney fully aligned in our collective vision and goals for the business, we decided to continue to empower the Hulu team, in this fashion, to continue the incredible momentum they’ve built over the last few years.”
“The future of Hulu is bright, and if the future of Hulu is bright, then we should hold onto it,” said Disney CEO Robert A. Iger.
Several companies put in offers to buy Hulu, including Amazon, Disney, NewsCorp, and Direct TV.