Hulu Owners Abandon Sell Off Plans

Owners of popular online video service Hulu have decided not to sell the platform after going through months of negotiations with big wigs like Apple, Microsoft and Google.

According to AFP Disney, News Corp. and Providence Equity Partners said in a joint statement that they had abandoned their plans of selling the platform. NBC Universal, another Hulu owner, was not mentioned in the press release.

"Since Hulu holds a unique and compelling strategic value to each of its owners, we have terminated the sale process and look forward to working together to continue mapping out its path to even greater success," the partners said.

"Our focus now rests solely on ensuring that our efforts as owners contribute in a meaningful way to the exciting future that lies ahead for Hulu," they added.

Hulu is one of the most popular on-demand video streaming platforms which allows users to watch TV shows and movies for free with advertisements. Paid subscribers are able to watch the videos on connected televisions, gaming consoles and the Apple iPhone and iPad.

Hulu had earlier said that it had more than 75,000 paid subscribers and expected to generate more than 500 million US dollars in revenue in 2011.