The LA Times has reported that Yahoo is eying Hulu in the hope of purchasing the video streaming company. Citing “a person with knowledge of the matter,” they add that there is no indication as to whether the company is interested in selling, but adds that Hulu is currently undergoing radical restructuring, now that its efforts to release an IPO have been abandoned.

Michael Arrington calls the story “BS,” and suggests that the facts may be the other way around. According to his source, Yahoo did not make an offer to buy Hulu, but Hulu is, in fact, interested in selling, and has brought Morgan Stanley on board to represent them.

There are other possibilities, however. Gigaom points out that Google would like to expand YouTube’s catalog to include more professional content–the kind of content that Hulu specializes in. On the other hand, Julia Boorstin of CNBC tweeted that “It’s not Google that made the offer for Hulu.” Note, too, that this conflicts with Arrington’s supposition that Hulu may be initiating the acquisition.

But Gigaom goes on to suggest other possibilities, including Apple, Microsoft, and Amazon, as well as media giants News Corp and Comcast. Each has its pluses and minuses, but there is also the distinct possibility that the rumor is simply an attempt by Hulu CEO Jason Kilar to “deflect more meddling” from the Board in his restructuring efforts.

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