Bob Iger: We Want to Sell Hulu

Disney CEO says the streaming service’s owners want to divest themselves

Last Updated: July 6, 2011 @ 11:08 AM

Bob Iger admitted to one of the tech-world's worst kept secrets on Wednesday — Hulu's owners are ready to sell their streaming service. 

The Disney CEO took a break from confabbing with his fellow moguls at Allen & Co.'s Sun Valley media conference, to admit that Hulu is on the auction block, according to Bloomberg. 

Iger said in an interview that Hulu's owners Disney, Comcast's NBC Universal, News Corp. and Providence Equity Partners are “committed to selling.” 

Hulu recently engaged Morgan Stanley and Guggenheim Partners to explore a potential sale after receiving an unsolicited takeover overture.

A deal is expected to be struck this month, according to an individual with knowledge of the process.  

Iger's admission comes as several high tech companies such as Google, AT&T, Microsoft and Amazon are meeting at Morgan Stanley's Century City headquarters to listen to Hulu's sales pitch. 

Should Hulu sell, it will likely go for some multiple of the roughly $500 million the company will generate in revenues this year.

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