Hulu, the online video streamiong service established in 2007, has received an offer from former News Corp President Peter Chernin. Chernin helped build the successful site and is now offering US$500 million for Hulu.

The bid was confirmed by two sources knowledgeable about Hulu's sale. Chernin is currently running a media holdings company is among those interested after its ownership group, the venture of News Corp and Walt Disney put  up the 'for sale' sign last March. The two giants sought to buy out one another but this new development from a former board member of Hulu may just halt that option.

The Chernin Group currently has a portfolio of film and TV productions including shareholdings in tech companies such as Pandora Media, the online radio service. One of its primary investors is Providence Equity Partners, with US$200 million investment back in April 2012. This is the same equity firm that sold its 10% shareholdings in Hulu back in October 2012 for US$200 million.

Chernin's spokesman Charles Sipkins did not provide a comment on the news item. Hulu's Elisa Schreiber and News Corp's Dan Berger also did not provide any comment.