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Hulu bidding war reportedly ends, with AT&T and Peter Chernin submitting a joint bid

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hulu plus 1020 stock
hulu plus 1020 stock

The fate of Hulu has been uncertain for months as a behind-the-scenes bidding war has run its course, with companies including DirecTV reportedly offering over $1 billion for the video streaming company. Now, Bloomberg's anonymous sources say another previously rumored bidder has submitted a final offer: AT&T and Chernin Group, with a joint proposal.

Chernin Group chairman and CEO Peter Chernin — former head of News Corp and one of the executives who helped jumpstart Hulu to begin with — was previously rumored to have submitted a $500 million bid for the company before bidding escalated. Today, on what Bloomberg and other publications report was the deadline for Hulu bids, he appears to have joined forces with AT&T to challenge other bidders for the company.

How many bidders? The Hollywood Reporter writes that there were only three still under consideration: Chernin, Guggenheim Digital Media, and DirecTV. Variety, however, says other companies are still in the running, including Time Warner Cable. There's little mention of Yahoo, which was rumored to offer up to $800 million. Considering that the entire process has occurred in secret with only tidbits leaked to the press, it's hard to say when we'll know who the winner is.