Yahoo was also said to have placed a bid, while last week Guggenheim Digital Media (GDM) was reported to have entered the race, while other bidders were thought to include Time Warner Cable and ex News Corp president Peter Chernin.
One of the bidders has offered over $830m, alongside $330m in assumed debt, the report said.
Hulu gives viewers free access to TV shows such as Family Guy and 30 Rock, while its Hulu Plus service also provides extra shows on mobile devices and computer consoles.
Last year Providence Equity Partners exited its ten per cent stake in the company for $200m.
Providence attempted to sell the company in August 2011 to parties including Yahoo, Google and Amazon, but the sale failed to attract substantial bids and went the same way as a scrapped IPO in 2010.
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