Disney (DIS) CEO Confirms Hulu is Up for Sale
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Walt Disney's (NYSE: DIS) Chief Executive Officer Robert Iger, speaking at the Allen & Co. media conference, announced Wednesday owners of Hulu LCC are "committed to selling" it.
While Mr. Iger could not put a specific deadline on when the sale would happen, he did confirm it will happen.
The company is currently in talks with roughly 10 possible buyers ranging from Google (Nasdaq: GOOG), Microsoft (Nasdaq: MSFT), Yahoo (Nasdaq: YHOO), U.S. TV distributors, and non-U.S. based media and technology companies.
CEO of Viacom (NYSE: VIA), Philippe Dauman, said his company is excited to work with cable providers and companies such as Netflix (Nasdaq: NFLX), but noted he will put his foot down and speak up when he feels distributors are exceeding their rights.
Viacom recently sued Cablevision Systems (NYSE: CVC) and Time Warner Cable (NYSE: TWX), stating Cablevision needs to stop streaming live TV channels to Apple's (Nasdaq: AAPL) iPad. The suit with Time Warner is currently on pause as the two companies try to come to an agreement.
Hulu is owned by Disney, Comcast Corp’s (Nasdaq: CMCSA) NBCUniversal, News Corp (Nasdaq: NWSA), and Providence Equity Partners, while a majority of Hulu employees owning their own small stakes. The company’s subscription service, Hulu Plus, reached 875,000 subscribers in June and is on track to reach 1 million by the end of 2011. The online website is also on pace to see revenue around the $500 million level this year.
While Mr. Iger could not put a specific deadline on when the sale would happen, he did confirm it will happen.
The company is currently in talks with roughly 10 possible buyers ranging from Google (Nasdaq: GOOG), Microsoft (Nasdaq: MSFT), Yahoo (Nasdaq: YHOO), U.S. TV distributors, and non-U.S. based media and technology companies.
CEO of Viacom (NYSE: VIA), Philippe Dauman, said his company is excited to work with cable providers and companies such as Netflix (Nasdaq: NFLX), but noted he will put his foot down and speak up when he feels distributors are exceeding their rights.
Viacom recently sued Cablevision Systems (NYSE: CVC) and Time Warner Cable (NYSE: TWX), stating Cablevision needs to stop streaming live TV channels to Apple's (Nasdaq: AAPL) iPad. The suit with Time Warner is currently on pause as the two companies try to come to an agreement.
Hulu is owned by Disney, Comcast Corp’s (Nasdaq: CMCSA) NBCUniversal, News Corp (Nasdaq: NWSA), and Providence Equity Partners, while a majority of Hulu employees owning their own small stakes. The company’s subscription service, Hulu Plus, reached 875,000 subscribers in June and is on track to reach 1 million by the end of 2011. The online website is also on pace to see revenue around the $500 million level this year.
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