The bidding wars have begun for Hulu, and it appears as if Yahoo could come away as the big winner after the smokes have settled. According to a report from AllThingsD, Yahoo plans to bid at least $600 million to acquire Hulu, a price that could be a lot for other rival bidders to live up to.

Sources close to the situation have claimed that Yahoo "has proposed several different prices based on a variety of circumstances" including "the length of the licensing rights for content and how much control the programming companies selling Hulu have over their media."

Yahoo's CEO Marissa Mayer, is apparently making every effort to get Hulu under Yahoo's belt so the company can increase its presence in the online media space, which is controlled by Google's own YouTube web video platform. Many years ago, Yahoo lost out to Google in the bidding wars for YouTube. That loss has returned to haunt the company due to the overwhelming success of YouTube.

However, with Hulu, Yahoo would be ahead of Google so far as premium movies and TV show content are concerned. All Yahoo would need to accomplish from there, is to allow users to upload their personal videos and turn Hulu into a true direct competitor of YouTube.

Hulu first went up for sale back in 2011 with the hopes of being sold for $2 billion, but that didn't materialize. The problem is, if the owners were willing to sell Hulu back then for that much, would they even consider coming to a decision to go below $1 billion? It's unlikely, but anything is possible at this point.

Just recently, Yahoo acquired Tumblr for a whopping $1.1 billion, way overpriced when you consider the fact that Tumblr is just a place where teens go to blog their problems away. It is not yet certain how well the Tumblr decision would affect Yahoo, but getting Hulu under its belt could turn out to be one of the best moves made by the new CEO, or if the deal doesn't materialize, a good reason to get her fired.