I think it would be a very good fit with them. But they need to make sure they won't get screwed by the networks later, when they won't care what happens to Hulu once they've sold it. Their incentive might be to kill it so they keep making money from normal advertising, rather than Hulu's online advertising.

But this is also an opportunity to strengthen their relationship with them, and get them to support Google TV.

EDIT: They can also do a lot of cool stuff to it, like integrating Google+ with it, for social viewing. Imagine Hangouts with Hulu...