AT&T Inc. said late Monday it has sold its minority stake in Hulu back to the streaming-video joint venture. The deal valued Hulu at $15 billion, with AT&T’s 9.5% interest valued at $1.43 billion. The deal did not require government approval and was signed and closed simultaneously, AT&T said in a statement. “We thank AT&T for their support and investment over the past two years and look forward to collaboration in the future,” Hulu Chief Executive Randy Freer said. AT&T said it will use the sales proceeds to pay down debt. AT&T shares rose 0.2% in the extended session after ending the regular trading day down 0.6%. Time Warner, later acquired by AT&T, disclosed its Hulu stake in 2016.
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