Hulu was put on the auction block this year for the second time after disagreement between owners News Corp and Walt Disney Co on how best to operate a Web service that streams TV programs and other videos, Reuters previously reported.
In April, Chernin placed a bid for $500 million, plus an unspecified additional sum to cover Hulu's debt and programming commitments.
Representatives of Guggenheim, Time Warner Cable and DirecTV had no comment. A spokesman for Chernin could not be reached.
Hulu says on its website that it has more than 3 million subscribers paying $7.99 a month for its premium service and that it generated revenues of around $700 million last year. It sells advertising for its free service.
It is being advised in the sale by Guggenheim Partners, a separately funded group from the digital media unit that placed the bid.
The Los Angeles Times initially reported the bids On Thursday.