Former News Corp. President Peter Cherin has bid approximately $500 million for Hulu, the online video streaming service created in 2007 according to Reuters.
The website, with is currently jointly controlled by New Corp. and Walt Disney, has been reaching out to potential buyers since March after considering a deal which one company would buy out the other. It's not clear as of press time which company wanted to be bought out, nor is it certain if the transaction still could go down.
Chernin, a former Hulu board member, now runs a media holding company and is one of the many interested buyers according to a source who spoke anonymously since the bidding is not open to the public.
No other bidders have come forward so far according to Reuters.
Chernin quit News Corp. back in 2009 to create The Chernin Group, whose holdings reach film and TV production. He also owns stakes in high-tech companies like online radio service provider Pandora Media.
Hulu's owners have spent years considering the direction of a service that now has more than 3 million subscribers for its premium package. Hulu generated revenue of approximately $700 million last year alone according to Reuters.
The current owners of Hulu have shopped the company before, but rejected all offers back in 2011.
Providence Equity Partners invested $200 million in The Chernin Group back in April 2012. The private equity firm sold approximately 10 percent of their stake in Hulu last October for roughly $200 million.
Hulu is worth a total of $2 billion currently according to Yahoo News.
Charles Sipkins, Chernin's spokesman, would not comment. Hulu spokeswoman Elisa Schreiber and News Corp's Dan Berger and a spokesman for Disney also declined to comment as of press time.
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