Sources: Former News Corp President Chernin bids $500 million for Hulu

Hulu has 3 million subscribers

NEW YORK - Former News Corp president Peter Chernin has bid close to $500 million for Hulu, according to Reuters.

Chernin, who left News Cops in 2009, helped create the online video streaming service in 2007.

Hulu, jointly controlled by News Corp and Walt Disney Co, reached out to potential buyers in March after entertaining a deal where one of the companies would buy out the other, reported the website.

It is not known if any other bidders have come forward or if there is another transaction that is being considered.

Hulu has more than 3 million subscribers and has generated revenue of about $700 million last year.

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