By Stephen Nakrosis
AT&T Inc. (T) and Hulu on Monday said AT&T has sold its minority stake in Hulu back to the streaming video joint venture.
The transaction valued Hulu at $15 billion, with AT&T's 9.5% interest valued at $1.43 billion, the companies said.
AT&T said it will use proceeds from this transaction, along with additional planned sales of non-core assets, to reduce its debt.
"We thank AT&T for their support and investment over the past two years and look forward to collaboration in the future. WarnerMedia will remain a valued partner to Hulu for years to come as we offer customers the best of TV, live and on demand, all in one place," said Hulu Chief Executive Randy Freer.
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