This could very well be true, but there are a couple different things that could happen as well. Google has had a lot of experience in the past several years monetizing YouTube much more effectively, so it's possible they could do a better job than Hulu does now at generating revenues.

Alternatively (and I think perhaps most likely), Google simply sees mainstream TV being available on the Internet as of tremendous strategic importance. They might be willing to take significant losses in operating it for that reason. They might even be willing to pay the extra fees to bake it into Google TV, which would immediately make that product far more compelling.