US: Hulu spends US$1.43B to buy back AT&T stake

Hulu has bought back wireless carrier AT&T’s stake in the US entertainment streaming service for US$1.43 billion, in a deal that values Hulu at US$15 billion, Reuters reported.

The sale of AT&T’s 9.5% stake to Hulu in a cash deal gives Walt Disney—which holds a 60% stake in Hulu via a joint venture—more control of the company.

Comcast Corp’s NBCUniversal has a 30% stake in Hulu. Based on the joint venture agreement, Disney and Comcast will decide how they want to allocate the shares bought from AT&T.

AT&T, which is preparing to launch its own subscription streaming video service later this year, announced that its unit Warner Media would continue to work with Hulu to deliver content over the platform. It did not give further details.

“Warner Media will remain a valued partner to Hulu for years to come as we offer customers the best of TV, live and on demand, all in one place,” Hulu CEO Randy Freer said in a statement.

Full Content: Reuters

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