Hulu, the television and movie streaming service behind hits like The Handmaid’s Tale, has bought out AT&T’s stake in the company as the US telecoms behemoth seeks to cut its mammoth debt load.
The deal valued Hulu at $15bn, a sliver of the $152bn valuation that investors have bestowed on larger rival Netflix. Hulu said it had paid AT&T $1.43bn for its 9.5 per cent stake in the company.
“We thank AT&T for their support and investment over the past two years and look forward to collaboration in the future,” Hulu chief executive Randy Freer said.
Hulu is majority owned by theme park and media owner Disney, which last week detailed plans to bring its own branded television service directly to consumers. Before the deal with AT&T was struck, Disney had held 60 per cent of Hulu, with rival Comcast owning 30 per cent of the streaming service.
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