Chernin makes $500 million move for Hulu

Peter Chernin, former chief operating officer of News Corp, has made a formal $500 million bid for Hulu, the online video site owned by News Corp and Walt Disney.

A person close to the owners said they were “wholly underwhelmed” by the offer and “would anticipate that Chernin’s bid could increase significantly with certain program rights attached to the sale.” The offer represents a significant drop in value for Hulu, which attracted bids approaching $2 billion when it was auctioned last year. At the time, News Corp and Disney decided not to sell because the bids did not reflect their valuation of the site.