Hulu auction heats up as DirecTV and Time Warner Cable place bids

Hulu’s future may be uncertain, but the company doesn’t have any shortage of potential suitors. The Los Angeles Times reports that the first round of bids from potential purchasers were due this week, with Guggenheim Digital Media — a group led by former interim Yahoo CEO Ross Levinsohn — putting in a bid alongside the $500 million offered by former News Corp. head Peter Chernin. According to Reuters, two other parties also placed bids: DirecTV and Time Warner Cable.

Word broke earlier this year that Disney and News Corp. were considering selling Hulu. At the time, the two companies were divided on what the future vision of Hulu should be. Disney wanted to pursue an ad-supported business model, while News Corp. favored a subscription service. Comcast is the third partner in Hulu, but is unable to participate in such discussions due to regulatory restrictions but into place when it acquired NBCUniversal. It has been reported that Yahoo is interested in acquiring Hulu as well. It’s not clear at this time how the different bids stack up against each other, or if Hulu has a preference for one particular company.