Providence Equity Partners, one of the original backers of Hulu, just sold its 10% stake in the company at a $2 billion valuation, Bloomberg reports.
Hulu is a joint venture between News Corp, Disney, and Comcast. Those stakeholders bought out Providence.
Providence bought its stake for $100 million in 2007.
Hulu’s owners explored selling the company last fall, but could not come up with bids approaching a $4 billion target.
The closest offer was a $2 billion offer from Dish Network.
When Hulu’s stakeholders turned down the $2 billion, they placated Providence with the promise of liquidity. Now that time has come.
We don’t know, but assume that Hulu’s executive team (including CEO Jason Kilar, above) cashed out a little bit in this transaction, too.