Former News Corp president Peter Chernin has made a bid of some $500 million for online video streaming service Hulu, Reuters is reporting. Chernin was at News Corp when the company was founded.

Hulu, jointly controlled by News Corp and Disney has been seeking potential buyers since March after initial plans for one to buy out the other were not pursued. Founding partner Comcast gave up corporate control as a condition of buying NBC Universal.

Chernin left News Corp in 2009 to set up The Chernin Group, whose interests cover film and TV production and stakes in high-tech companies.

Providence Equity Partners invested $200 million in The Chernin Group in April 2012. The private equity firm sold its 10 per cent stake in Hulu in October for $200 million, valuing the service at $2 billion. Chernin’s reported bid represents a substantial reduction in that valuation.

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