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Hulu buys back AT&T ‘ s of 9.5 percent of the shares

FILE PHOTO: The AT&T logo is pictured during the Forbes Forum 2017 in Mexico-City, Mexico, September 18, 2017. REUTERS/Edgard Garrido/File Photo

(Reuters) – the Streaming service company Hulu is buying mobile operator AT&T Inc. ‘ s 9.5 percent of the shares in the company in a deal valued at $1.43 billion, the two companies said on Monday.

The transaction valued Hulu at $15 billion. AT&T says it will use the proceeds of the deal to cut its debt.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Arun Koyyur

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