According to Reuters, a source close to the bidding process has reported that DirecTV and two other unknown bidders have offered more than $1 billion to acquire Hulu.
Hulu, currently owned by News Corp and Walt Disney Co., failed to sell the company back in 2011 and in the recent bidding war has "fielded at least seven buyout offers last week", a source reports.
DirecTV spokesman Darris Gringeri and Hulu spokeswoman Meredith Kendall have declined to comment.
Yahoo joined the bidding war last week alongside Time Warner Cable, The Chemin Group, Silverlake Partners, KKR, and Guggenheim Digital.
The Hulu board members are being advised by Guggenheim Parners on the auction, and "the number will be whittled down in the next two or three weeks," a source told Reuters.
Hulu recently announced they had hit 4 million paid monthly subscribers in Q1 of 2013 and generates revenue of about $700 million through subscriptions and a free ad-supported service.
Comcast Corp. are a silent third partner in Hulu and according to a report in theLos Angeles Times this week, "Comcast can't increase its stake in Hulu or have any say in the operations, it also doesn't have to sell just because the other owners choose to do so," a source reports.
Source: Reuters / Los Angeles Times
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