A report from the LA Times suggests Yahoo! is the mystery company that approached Hulu about a possible acquisition.

If true, Hulu CEO Jason Kilar could augment or even replace Yahoo CEO Carol Bartz and pump some much needed innovation into the combined companies. Without some fresh blood, an acquired Hulu runs the risk of becoming just another Yahoo property; one that dies a slow, painful death like Delicious or becomes stagnant like Flickr. [LA Times]