Over the years, Apple has turned itself into the world’s second-most valuable company. They’ve nearly cornered the market on Mp3 devices, created a more popular computer, brought the idea of the tablet computer into homes, and created a unique phone. Say what you will about a MacBook versus a PC, but Apple is a well-oiled machine. One market the company hasn’t really thrown major chips into is video service, a challenge Apple looks poised to remedy.

Apple might be set to bid for Hulu, an online streaming service currently owned by Disney, News Corp., and Comcast’s NBC Universal. In early July, Disney Chief Officer Robert Iger confided the company was committed to selling Hulu. If Apple can manage to pick Hulu up, the company would have a subscription-based service that, if treated right, could easily rival what Netflix offers consumers.

The only snag in the plan is Apple isn’t the only one looking into buying Hulu. According to Bloomberg, the company will have to compete with Yahoo, who is willing to pay up to $2 million for the service. On the bright side, Apple has $76.2 billion in cash and securities at its disposal, so if they really want the service, the company should be able to throw down.

Currently, Apple does offer movie and TV program rentals via iTunes. Episodes of shows run at 99 cents and HD films run $4.99. Since Hulu Plus is already available on Apple’s iPhone, iPad, and iPod touch, it might be time the iTunes rentals go the way of the dinosaur. Apple just has to figure out the right bid.

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