Fox, NBCUniversal and Disney executives announced on Friday  they will retain ownership of the streaming site and arrange a $750m recapitalisation.
According to the BBC, Hulu’s owners reportedly received bids of $1bn in recent months from Direct TV and AT&T. Since it launched in 2008 Hulu has collaborated with more than 400 content partners and claims to have more than 30m unique visitors each month.
The premium subscription service Hulu Plus launched in 2010 and has surpassed four million subscribers after more than doubling the number in 2012. Hulu achieved record revenues of $690m in 2012.
“Hulu has emerged as one of the most consumer friendly, technologically innovative viewing platforms in the digital era,” said The Walt Disney Company chairman and CEO Bob Iger. “As its evolution continues, Disney and its partners are committing resources to enable Hulu to achieve its maximum potential.”
“We believe the best path forward for Hulu is a meaningful recapitalisation that will further accelerate its growth under the current ownership structure,” said 21st Century Fox president and COO Chase Carey.
“We had meaningful conversations with a number of potential partners and buyers, each with impressive plans and offers to match, but with 21st Century Fox and Disney fully aligned in our collective vision and goals for the business, we decided to continue to empower the Hulu team, in this fashion, to continue the incredible momentum they’ve built over the last few years.”