In case you missed it, subscription-based television and movie streaming site Hulu has been looking for a buyer since March. And this week, former News Corp President Peter Chernin made a bid of $500 million.

Hulu is owned by both the Walt Disney Company and News Corp. Rumor has it that there’s been a dispute between the two companies about the direction of the site, with News Corp favoring a subscription-based model (already initiated through the site’s Hulu Plus subscription plan) while Disney prefers an ad-supported model.

Chernin’s bid was reported by Reuters and based on two independent sources — there’s been no confirmation from the companies or Chernin himself. Nor is there any word if Hulu is courting other buyers (which it should, since auction-style bidding favors sellers over acquirers).

Chernin was involved in the early days of Hulu, but then left News Corp to start The Chernin Group, which has invested in Pandora and other new media companies.

Hulu has about 3 million premium subscribers, and generated approximately $700 million last year.