News Corp, Online Video | featured news

Former News Corp president Peter Chernin bid around $500 million for Hulu, the online video streaming service he helped create in 2007, according to two sources with knowledge of Hulu's sale process.

Disney and News Corp. have begun discussions about resolving uncertainty over online video site Hulu, with one possible outcome being that one or the other sells their stake.

After months of being courted by technology giants and TV signal providers, online video service Hulu is no longer for sale, its media company owners said Thursday. The Walt Disney Co., News Corp., Comcast Corp. and Providence Equity Partners had been shopping the site since June after receiving an unsolicited takeover offer.

Hulu CEO Jason Kilar won a big battle against Google's (GOOG) top dealmakers in April, successfully convincing Disney (DIS) CEO Bob Iger to put ABC's full-length content on Hulu instead of YouTube.

Google wanted to make Disney the cornerstone of its new focus on premium content, but Disney ended up taking an equity stake in Hulu alongside prior investors News Corp (NWS), NBC (GE) and Providence Equity Partners.

A couple months later, the fruits of Jason's labor are here in the form of mega-hit "Grey's Anatomy," now live on Hulu.