Hulu’s decision to call off its sale as it was entering the final stages of the bidding process hit the company’s would-be buyers in the pocketbook to the tune of $25 million in banking and legal fees, the New York Post reports.
Bidders also provided detailed plans to Hulu’s owners on how they would operate the business. "Those ideas are now in the hands of Hulu’s owners — much to the frustration of those involved," the story adds.
Potential buyers included DirecTV, the Chernin Group and its partner AT&T, and Guggenheim Digital Media working with private-equity firm KKR.
Time Warner Cable is still in discussions to buy a stake in Hulu, which is owned by 21st Century Fox, Disney and Comcast.
"Sources say the bidders found out the sale was off Thursday night, just hours before an official press release went out on Friday," the story says.
The report adds: "Hulu’s cold feet — the second time in two years that its owners have called off a sale at the last minute — left suitors feeling more than a little confused."