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Providence confirms 10% Hulu stake sale

19 Oct 2012

Providence Equity Partners has confirmed the sale of its 10 per cent stake in online TV service Hulu.

The exit was widely reported last week as valuing the company at about $2bn, making the stake worth double the $100m Providence paid for it exactly five years ago.

Providence CEO Jonathan Nelson said, “Hulu’s rapid growth into a leading online premium content provider has exceeded expectations, and Jason and the entire team have helped evolve this important space for the benefit of users, content owners and advertisers.

“We know Hulu will continue to surprise and amaze in the years ahead.”

Hulu gives viewers free access to TV shows such as Family Guy and 30 Rock, while its Hulu Plus service also provides extra shows on mobile devices and computer consoles.

Providence attempted to sell the company last August to parties including Yahoo, Google and Amazon, but the sale failed to attract substantial bids and went the same way as a scrapped IPO in 2010.

Walt Disney, News Corp and NBCUniversal, which is now part of Comcast, are also owners of the company.

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