The Journal cited unnamed sources as saying that Hulu had several suitors, including satellite television company DirecTV and a partnership led by US telecom titan AT&T.
A Friday deadline had been set for submitting final bids for Hulu, which was launched in 2007 in a partnership between Comcast, 21st Century Fox, and The Walt Disney Company.
While it remained unclear how high bids had climbed, DirecTV had reportedly lodged an early-round bid of more than a billion dollars.
Hulu, which has been battling rivals like Netflix in the area of streaming video, generated some $700 million in revenues last year. It has around four million subscribers to its premium video service.
Hulu also has a free service supported by advertising.
Yahoo was said to be among early bidders for Hulu but it had not been revealed whether the California-based firm, which has been on an acquisition spree, is still in the running.