Microsoft Corp. is dropping out of the bidding for Hulu LLC, the online video service put up for sale by its media-company owners, according to a person with knowledge of the matter.
Microsoft, based in Redmond, Washington, told Hulu executives last week it wouldn’t continue into a second round, said the person, who wasn’t authorized to talk publicly. The person didn’t rule out Microsoft re-entering later.
Hulu bankers at Morgan Stanley and Guggenheim Partners met in the past four weeks with Microsoft, which already rents and sells films and TV shows through its Xbox video-game console, to solicit an offer, people with knowledge of the situation said on July 1. The bankers also met with Google Inc., Yahoo Inc., AT&T Inc. and as many as eight other companies, they said.
Elisa Schreiber, a spokeswoman for Los Angeles-based Hulu, declined to comment, as did Frank Shaw, a spokesman for Microsoft.
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