Providence Equity Partners confirmed on Friday that it had sold off its 10 percent stake in Hulu, leaving the online video service under the control of major media companies.
Providence had considered exiting its investment in the service for some time, selling its stake to its partners. The remaining owners are NBC Universal, the News Corporation and the Walt Disney Company.
Founded in 2007, Hulu was intended to serve as an online hub for content from its media owners. A longtime investor in technology and media ventures, Providence paid $100 million to gain a 10 percent stake, adding an independent voice to the board.
Two years ago, Hulu put itself up for sale, drawing buyout offers from the likes of Google and Yahoo. But the valuations proved unsatisfactory to the service's owners, including Providence, which did not initially want to sell.
Since then, the company has grown, becoming one of the top online video sites and a rival to older competit ors like Netflix. Hulu said in April that its paid service, Hulu Plus, surpassed two million subscribers in the first quarter this year.
“We enjoyed our partnership with Jason Kilar and Hulu's management, News Corporation, NBCUniversal and The Walt Disney Company, and we are pleased to have contributed to Hulu's success,†Jonathan M. Nelson, chief executive of Providence. “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.â€
