Hulu is seeking to sell a stake to Time Warner, Dow Jones reported, citing sources.
That deal, the report said, would value Hulu at $5 billion to $6 billion. As it stands now, Time Warner would be an equal stakeholder with the other current Hulu owners, Dow Jones's sources said.
Netflix, a Hulu competitor, saw its stock at a session low on the news.
The talks include discussion of a cash investment and content licensing, according to Dow Jones. Hulu declined to comment when contacted by CNBC.
—CNBC's Julia Boorstin contributed to this report.