Yahoo joins growing list of bidders for Hulu: Sources
Published on May 25, 2013 6:33 AM
LOS ANGELES/NEW YORK (REUTERS) - Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co, two sources with knowledge of the bid told Reuters on Friday.
Yahoo just this week announced a US$1.1 billion (S$1.4 billion) acquisition of blogging service Tumblr. It now joins rival bidders for Hulu, including Time Warner Cable Inc, DirecTV, former News Corp president Peter Chernin and Guggenheim Digital Media, sources have said.
It is unclear how much the Internet company bid.
Sources have said Mr Chernin is bidding US$500 million, excluding an additional sum to cover Hulu's debt and programming commitments. But a source close to the bidding told Reuters his offer was too low, that Hulu could be worth as much as US$1 billion to US$2 billion.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!