What are Hulu’s owners selling?

So the world knows Hulu is for sale. Peter Kafka insists the question is not who’s interested in buying Hulu, but rather, what exactly is Hulu selling?

More specifically, what kind of content licenses are Hulu’s three broadcast owners — News Corp.’s Fox*, Disney’s ABC, and Comcast’s NBC — willing to part with?

Because it’s the TV shows from those three companies that gives Hulu almost all of its value. And while those shows have helped Hulu build a big Web business very quickly —Hulu has said it’s on track to generate $500 million in revenue this year –  that’s not nearly as important to Hulu’s owners as their core TV business.

The bit three networks that license content to Hulu have been a constant roadblock in the site’s growth from the beginning. Imagine how contentious that relationship will be if those same networks don’t even own the site any longer.

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