Last Friday, Hulu reneged on its offer to sell itself and instead pulled an extra $750 million allowance from its parents’ pocketbooks and decided to forge its own path. But that decision to jerk around several bidders, including AT&T, Time Warner Cable and DirecTV, for a month without any warning that they were going to nix the deal has left potential buyers pissed.
The New York Post reports the suitors spent around $25 million in banking and legal fees and even presented ideas of how they would make Hulu a viable product to the company, plans which are now in Hulu’s hands. Pretty bratty! The story paints an unorganized picture of how the Hulu deal went down, including a delightful nugget acknowledging that the suitors didn’t know of Hulu’s decision to pull the plug on the deal until the night before the press release went out.
The Post writes:
“It’s one thing to lose a bid to someone else, but losing to no one?” said one bidder.
Last week during Allen & Co.’s annual mogulfest, DirecTV CEO Michael White, whose company was viewed as the front-runner for Hulu, was seen dashing out of the bar at the Sun Valley Lodge Thursday night with a stormy look on his face.
But another source told them that Hulu made it clear that not selling wasn’t an option. Now if Hulu decides to sell itself for a third time, suitors will be sure to get a gift receipt.