Janhvi Bhojwani | CNBC
Randall Stephenson, CEO of AT&T, speaking at the Business Roundtable CEO Innovation Summit in Washington, DC. on Dec. 6th, 2018.
Hulu has repurchased AT&T’s 9.5 percent stake in the business for $1.43 billion, giving the streaming company a valuation of $15 billion.
The transaction, announced on Monday, indicates that Hulu continues to gain popularity, even as the market for over-the-top content becomes increasingly crowded. The valuation is a big step up from November, when Disney said in a regulatory filing that the company was worth $9.26 billion.
Hulu is owned by a group of media companies, including CNBC parent Comcast and Disney, which now controls Fox.
AT&T said it will use proceeds of the transaction to reduce its debt. AT&T purchased Time Warner last year, giving the company ownership of HBO, which has its own streaming offerings.