The private equity fund, Guggenheim Digital Media and former President of News Corp, Peter Chernin, have already tendered their bids for the online video service, Hulu Video, as related by sources who are knowledgeable of the matter to Reuters. The auction is now causing a competition for Hulu. One of the sources related to Reuters that even Time Warner Cable Inc, a noted cable operator, and DirecTV, a satellite operator, also submitted their respective offers for the video website.
Based on previous reports of Reuters, Hulu was placed on the auction block for the second time this year. The action was a result of differences between the owners, Walt Disney Co and News Corp., on how the online service would be best managed. Hulu is a website service that presents a collection of movies, clips and hit shows. The collection of finest programming is supplied by over 410 content companies.
Mr. Chernin tendered his offer of US$500 million back in April of this year. Included in his offer is undetermined additional figure that will be used to cover for the debt and programming commitments of Hulu. DirecTV, Guggenheim and Time Warner Cable representatives did not give a comment, while Mr. Chernin's spokesperson could not be reached. The reports regarding the tendered offers were earlier reported by The Los Angeles Times on Thursday.
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