Yahoo is considered to be one of the top bidders for Hulu and it makes sense for the Web portal to try become something beyond just providing Web contents. After all, things haven't turned out the way they expected one of the survivors of the first wave of Internet companies from the late 90s and the first tech bubble.
Hulu is fast becoming one of the top destination for watching television shows and movies. And note that I used the term "television shows". That remains to be so today but will change. Let me introduce the term "episodic shows". The reason for the change is also the reason why Hulu is worth many times more than what's being bid on.
And it'll be worth so much more than whatever the winner pays for.