Hulu's cable killer is taking shape — and now includes NBC

Hulu wants to end all the hemming and hawing over whether you should cut the cord.

The streaming company announced on Monday that it has reached a deal with NBCUniversal that will add all its major cable channels as well as its broadcast network to Hulu's upcoming live TV service.

The deal brings the total number of channels to more than 50. The service will also include Hulu's existing on-demand library for under $40, according to Hulu CEO Mike Hopkins.

The service is set to debut at some point in May, according to a Hulu spokesperson.

Hulu's entry into the live TV scene comes at an important time for the platform. Once seen as the also-ran to Netflix, Hulu now offers an entirely different proposition. While Netflix has gone big on original content, Hulu has continued to invest in its library.

Now, with live TV, Hulu is positioning itself as the best aggregator of existing content (though it is also producing some original content).

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Hulu still has a ways to go. A recent comScore report found that Hulu is used in only 17 percent of homes that use streaming service. Netflix is at 75%.

Hulu's live TV service is now set to include all four major broadcast networks along side a healthy grouping of the most popular cable channels. The companies behind three of those networks — Comcast, the Walt Disney Company, 21st Century Fox — are also part owners of Hulu.

Hulu has competition in Dish Network's Sling TV, which has reportedly amassed around 1.3 million subscribers. YouTube also recently launched a live TV service, and Playstation Vue is still kicking around. AT&T also offers a service — DirecTV Now.