US video viewing site Hulu plans an IPO

Hulu is planning an initial public offering which could value the US video viewing site at more than $2 billion, the New York Times said.

The company, which streams popular shows like "Glee" and "Modern Family", is in talks with investment banks to go public as soon as this fall, people briefed on the matter told the daily.     

General Electric Co affiliate NBC Universal owns a third of Hulu.com, the most popular US website for viewing television shows. Hulu also is owned by News Corp and Walt Disney Co.    
 

The company, which competes with Google Inc's You Tube, reported a revenue of about $100 million last year and was on track to repeat the same by the middle of this year, the NY Times said.                                           
 

Last month, Hulu introduced a new paid subscription service for watching TV shows and movies on mobile devices, game consoles, television sets and computers, with an aim to strike a balance between paid and ad supported models.                 
 

Hulu could not be reached by the New York Times. They could not immediately be reached for comment by Reuters outside regular US business hours.