Cable operator's possible investment in online video venture would not be 'imminent,' according to source
Hulu’s owners have pulled the Internet video site off the block, but they’re still entertaining the possibility of Time Warner Cable — or another outside strategic investor — buying a stake in the venture, according to a source confirming a Bloomberg report.
However, there is no definite time horizon on when a deal with TWC or any other potential partner might be reached, the source added. There is “no deal imminent at all,” the source said.
After more than six months of running through bids for Hulu, on Friday The Walt Disney Co., 21st Century Fox and Comcast’s NBCUniversal announced that they would retain their ownership positions in the company and invest $750 million to add more content and grow the business.
SEE ALSO: Hulu Sale Called Off
Execs with the media congloms said they’re aligned on the vision for Hulu moving forward, which centers on bulking up the subscription video-on-demand side of the house to build a more credible rival to Netflix.
The aborted sale indicates Hulu’s parents felt the offers for the JV were too low, although Disney topper Bob Iger told reporters they were “good, solid bids.” The owners believe Hulu has untapped potential and that with the additional investment they can capture more share in SVOD.
Final bidders under consideration to buy Hulu outright were DirecTV and AT&T and the Chernin Group. TWC had proposed entering the Hulu JV as a fourth partner.