Hulu is reportedly looking to make a deal with Time Warner that would value the video service at more than $5 billion and help bolster its efforts to compete with Netflix and Amazon. According to those familiar with the matter, Hulu is in talks with the media giant to become an equal stakeholder with Comcast, Disney and 21st Century Fox. “Such a deal would likely involve the current owners, who own one-third each, drawing down their stakes to 25 percent,” reports The Wall Street Journal. The talks, said to be in the early stages, are exploring ways for Hulu to expand content offerings as part of its long term strategy. Hulu has increased its spending on programming from $600 million last year to $1.5 billion this year.