UPDATE: AT&T sells Hulu stake in deal that values streaming service at $15 billion
AT&T Inc. (T) said late Monday it has sold its minority stake in Hulu back to the streaming-video joint venture. The deal valued Hulu at $15 billion, with AT&T's 9.5% interest valued at $1.43 billion. The deal did not require government approval and was signed and closed simultaneously, AT&T said in a statement. "We thank AT&T for their support and investment over the past two years and look forward to collaboration in the future," Hulu Chief Executive Randy Freer said. AT&T said it will use the sales proceeds to pay down debt. AT&T shares rose 0.2% in the extended session after ending the regular trading day down 0.6%. Time Warner, later acquired by AT&T, disclosed its Hulu stake in 2016.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 15, 2019 22:43 ET (02:43 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.