AT&T Buys Chernin Group’s Controlling Stake in Otter Media

In 2013, Chernin Group chair/chief executive Peter Chernin and company president Jesse Jacobs, believing streaming media was the future, bought Crunchyroll, which specialized in anime, for $75 million. They then added other new media startups including Fullscreen, an ad agency for YouTube stars, Rooster Teeth, a video producer aimed at gamers and VRV’s 11 niche channels, creating Otter Media. On Tuesday, in a move that was long expected by analysts, the Chernin Group sold controlling interest in Otter Media to joint-venture partner AT&T in a deal valued at more than $1 billion. Continue reading AT&T Buys Chernin Group’s Controlling Stake in Otter Media

Insiders Say Peter Chernin Bidding $500 Million for Hulu

Multiple sources suggest that Peter Chernin, former president and chief operating officer of News Corp., has formally bid around $500 million for Hulu through his Chernin Group holding company, reports Reuters. Chernin helped launch the online video streaming service in 2007, which is currently controlled by Disney and News Corp. (co-owner Comcast relinquished corporate control as a concession when purchasing NBCUniversal). Continue reading Insiders Say Peter Chernin Bidding $500 Million for Hulu

Hulu Taken Off the Auction Block: Sale of Video Hub Tabled by Owners

  • After months of bidding, Hulu’s owners — News Corp., NBCUniversal, Disney and Providence Equity Partners — have decided to stop its sale.
  • “Since Hulu holds a unique and compelling strategic value to each of its owners, we have terminated the sale process and look forward to working together to continue mapping out its path to even greater success,” explained the partners in a short statement. “Our focus now rests solely on ensuring that our efforts as owners contribute in a meaningful way to the exciting future that lies ahead for Hulu.”
  • In a related TechCrunch post, it was suggested that media companies saw more value in retaining licensing fees than selling them.
  • Bidders were not willing to pay more for Hulu knowing that the costs for content rights would increase dramatically after the two year period being sold. (Google reportedly bid $4 billion, but wanted streaming rights for longer than the guaranteed “couple of years.”)