Former News Corp executive Peter Chernin launches bid for Hulu

Chernin Group founder and former News Corp executive Peter Chernin has announced a $500 million bid for online video streaming service Hulu.

Reuters reports sources within Hulu say that Chernin has come forward as a bidder for the online video service he helped create while at News Corp in 2007.

Since leaving News Corp in 2009, Chernin has secured $US200 million from the Providence Equity Group for the Chernin Group, which invests in high-growth online media companies.

Hulu is currently jointly owned by News Corp and Disney and has revenues of around $US700 million from 3 million paying subscribers.

The video service, which streams full episodes of television programs, is not currently available in Australia.

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