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A report from last month suggested buyers were lining up at Hulu's doorstep, and now a formal offer has been made. According to a report from Reuters, which spoke with two sources familiar with Hulu's plans, former News Corp president Peter Chernin has bid around $500 million for the streaming service. Chernin was also a former Hulu board member.

Hulu's hierarchy has reportedly toyed with the idea of selling, and briefly put the company on the market, but that was quickly nixed. At this point, with bidding not public, it's unclear if other interested parties have come forward with an offer. Two of Hulu's current owners, News Corp and Disney, have clashed over where to take the service, and have even considered buying the other company's stake for full control.

No official statement has been made by any party regarding the news, and nothing is set in stone at the moment. Chernin made a bid for Hulu once before in 2011, but that was rejected. With Hulu's present day direction unclear, both News Corp and Disney may have finally agreed to part with the service and call it a day.