Yahoo Hulu Deal? Yahoo Bidding On Streaming Video Site, According To Reports

05/24/2013 03:06 pm ET | Updated May 24, 2013
  • Alexis Kleinman Deputy Managing Editor Of Impact & Innovation, The Huffington Post

Yahoo is joining in the bidding war for streaming video site Hulu, according to All Things D. Yahoo is reported to have submitted the bid Friday morning.

Reuters confirms that Yahoo joins a long list of bidders for Hulu, including former News Corp president Peter Chernin, DirecTV, and Time Warner Cable and private equity fund Guggenheim Digital Media.

Also on Friday, Bloomberg reported that private equity firms KKR and Silver Lake Partners are among the bidders for the site. Bloomberg notes that Hulu's advertising revenue was up 65 percent last year to $695 million.

Hulu is currently owned by Walt Disney Co., Comcast's NBCUniversal, and News Corp, and the company has been looking for buyers since March. News Corp and Disney have been at odds with one another in discussions about Hulu's intended direction, according to The Wall Street Journal. News Corp has argued that Hulu should focus on growing its subscription service, while Disney thought the free service should be the Hulu's focus.

This has been a big week for Yahoo. The company bought Tumblr for $1.1 billion cash on Monday. Yahoo only had $1.2 billion in cash as of its most recent quarterly earnings, so Hulu should not expect to make a deal with the company in cash. Yahoo also bought gaming company PlayerScale on Thursday. Yahoo's bid for video site Daily Motion was blocked by the French government earlier this month. Daily Motion is, like Hulu, a popular online hub for video content.

This story is developing. Come back here for updates.

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