Hulu’s growing up, but what about its parents?

With Hulu set to crash traditional TV’s big “upfront” ad selling party with a big presentation to top Madison Avenue media buyers April 19, the New York Times published a story headlined, “An Online TV Site Grows Up.” Issuing a report concurrently, however, Bernstein Research wondered, “Can Hulu’s Parents Afford to Let It Grow Up?”

There’s no doubt that Hulu is becoming a more influential media business, with the company also revealing Tuesday that its paid subscription base has reached 2 million and that 2012 revenue is on pace to far outstrip the $420 million grossed in 2011. Led by senior analyst Todd Juenger, however, Bernstein wonders how Hulu’s corporate owners, Walt Disney Company, News Corp. and Comcast, can continue to let their over-the-top service flourish while pursuing goals tied to television’s traditional models. For one, as these three owners seek to grow re-transmission fees for their broadcast networks, Bernstein says providing their programming to Hulu serves as an undermining influence.