Sony CEO Michael Lynton on Hulu: ‘I'm Not a Buyer’

Sony CEO Michael Lynton on Hulu: 'I'm Not a Buyer'

The video streaming service will have a tough time finding a new owner

It sounds as if Hulu's board of directors is going to have a tough time finding a buyer for the video streaming service.

"I'm not a buyer," Sony Entertainment Chairman and CEO Michael Lynton said at Tuesday's Milken Institute Global Conference.

"Who wants to buy it?" CBS Corporation President and CEO, Les Moonves, asked the event's moderator, CNBC reporter Julia Boorstin, whose parent company, Comcast, also co-owns Hulu.

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Moonves and fellow panelist Clear Channel Communications CEO Bob Pittman agreed that Netflix's paid subscriber model is more viable than Hulu's free model for its main service. The CBS boss predicts that the company will probably fold its free service for the paid model under Hulu Plus.

Another problem with Hulu is its short-term content agreements, the panelists said. "Eventually the networks [will] take back the content, like CBS has," Moonves said.

Hulu's board reportedly began approaching buyers in March. Earlier this month, there had been at least one reported bidder, former News Corp. president Peter Chernin.

Hulu is partially owned by News Corp. along with Walt Disney Co. and Comcast.