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Monday, July 8, 2013

AT&T, DirecTV and KKR in race to purchase Hulu - WSJ, (NYSE: T)

Streaming video site Hulu has attracted three offers of over $1 billion from suitors including a partnership of AT&T Inc and Chernin Group, the Wall Street Journal reported, citing people familiar with the matter. The three highest bidders also include DirecTV and Guggenheim Digital Media which is jointly bidding with private equity firm KKR & CO LLP, the Journal said. ().The deal could be sealed in a week or two after the deadline for bids ends this week, it added.Hulu, which was created in 2007, says on its website that it has more than 3 million subscribers paying $7.99 a month for its premium service, and that it generated revenues of about $700 million last year. It sells advertising for its free service.AT&T could benefit from Hulu's mobile video and streaming video services, the financial daily said citing analysts.

AT&T Inc. (AT&T) is a holding company. AT&T is a provider of telecommunications services in the United States and worldwide. Shares of T traded higher by 0.57% or $0.2/share to $35.58. In the past year, the shares have traded as low as $32.71 and as high as $39.00. On average, 25558800 shares of T exchange hands on a given day and today's volume is recorded at 15854607.