Report: Hulu Buying Providence Equity's Stake for $200 Million Bloomberg
Hulu is buying Providence Equity's 10% stake in the company for $200 million, which places the video-streaming service's valuation at about $2 billion, reports Bloomberg.
Hulu is borrowing the money to pay for the repurchase, while Hulu Chief Executive Officer Jason Kilar will receive about $40 million, the story notes. Providence, News Corp. and NBCUniversal founded Hulu in 2007, with Disney buying a stake in 2009.
The buyout means ownership will be consolidated among News Corp., Comcast, and Walt Disney, the piece points out. Representatives for Hulu and Providence declined to comment.