I think there’s a few things Hulu could bring to Google.
1. Google has shown it has not been able to deal successfully with content producers in the past and a naivety towards the industry at large. On the other hand, Hulu has been able to work deals.
2. Hulu is in a much larger set of living rooms via connected TVs and STBs, and Google TV has been ineffectual.
3. The Hulu brand has a built-in meaning to consumers as a service which offers TV and movies delivered via Internet whereas Google has no brand that does that. At best, Google has You Tube which is associated with non-professionally generated content meant to be viewed in a web browser.
4. Hulu has technology built around delivering advertising within its content and advertising partners.
5. Hulu has a software platform designed around discovering and delivering broadcast TV and movie content.