A Reuters article quotes Moonves as saying, "Are we having discussions with the Hulu subscription service? Yes we are."
CBS was hesitant to sign on with Hulu in the past because it wants to maintain control over how its content appears on the Internet. The subscription model offered by the new Hulu Plus service is more attractive to the network, Moonves says, because the network can participate "without hurting the mother ship."
Because CBS is committed to the strategy of pulling in revenue from as many sources as possible, the deal probably would not spell the end of CBS's competing TV.com website, any more than it does the proprietary web video sites that each network runs at its own domain. However, we don't know what kinds of exclusivity demands Hulu will make, so figuring out an arrangement that preserves both sites might be part of the negotiations.