Bidders are circling for the popular video website Hulu, including one of the service's initial architects: Peter Chernin, the former News Corp. president.
Chernin has long been one Hulu's most passionate advocates. His Chernin Group has offered more than $500 million for the 5-year-old website, according to an executive close to the process who did not want to be identified discussing sensitive information.
Other entitities, including technology companies, have expressed interest in buying Hulu, this person said.
Hulu is owned by Walt Disney Co., News Corp. and NBCUniversal. But management of the venture has become a morass as executives of the two managing partners -- Disney and News Corp. -- have been at odds over Hulu's direction. Earlier this year, Hulu Chief Executive Jason Kilar stepped down.
NBCUniversal, owned by cable giant Comcast Corp., surrendered its voice in Hulu's affairs as part of a 2011 agreement with the federal government. Comcast made the agreement with the government in order to win approval of its takeover of NBCUniversal.