The parent companies of ABC, NBC and Fox said Friday that they would stay owners of Hulu, while providing a cash infusion of about $750 million to ensure future growth.
The owners had accepted formal bids for the online video service last week. The announcement Friday suggests the bids were too low.
21st Century Fox President Chase Carey says this was the "best path forward" for Hulu.
Hulu, which carries recent reruns of TV shows from ABC, Fox, NBC and other networks, has more than 4 million paying subscribers, as well as a free service. Last year, the service brought in about $690 million in revenue.
Hulu's owners are The Walt Disney Co., 21st Century Fox and Comcast Corp.'s NBCUniversal.Suggest a correction