Hulu has agreed to buy back AT&T's stake in its business in a deal that values the streamer at $15 billion.
“We thank AT&T for their support and investment over the past two years and look forward to collaboration in the future. WarnerMedia will remain a valued partner to Hulu for years to come as we offer customers the best of TV, live and on demand, all in one place,” said Hulu CEO Randy Freer.
Founded in 2006, Hulu was originally conceived as a joint venture that would allow the broadcasters to address the growing threat of streaming video. Its first stakeholders were NBC and Fox (via owner News Corp.) and Disney bought into the joint venture in 2009. Time Warner, later acquired by AT&T, purchased a 10 percent stake in the streamer in 2016 at a $5.8 billion valuation.
More to come.