Negotiations which might have led to Time Warner Cable taking a 25 per cent stake in entertainment video streaming site Hulu have been called off, reports Reuters. It is understood the parties were unable to agree a price for the stake.
Hulu’s owners – Walt Disney Co, 21st Century Fox and NBC owner Comcast Corp – entered into discussions with the cable MSO after they canned its planned sale July 12, having failed to attract satisfactory bids in an auction of the service, and announced that they would invest $750 million in the service.
Although as many as seven different parties had entered the bidding fray, the number of interested bidders had diminished as the owners reportedly insisted on receiving at least $1 billion for the company.
Of the reported final three bidders, satellite service DirecTV and former News Corp president Peter Chernin, bidding with telecoms carrier AT&T, each unsuccessfully bid more than the desired sum.