At first, Hulu seemed like a great idea and many trumpeted it as a new way to watch TV programming. Now, Hulu is up for auction and looks to be in real trouble.

As if that wasn’t bad enough, bidders don’t seem to be coming out of the woodwork to buy the online network and the deadline for bidders has been extended to this Friday. At the moment, companies like Yahoo, Google and Amazon are among those looking closely at the online streaming video service owned by News Corp, Disney, Comcast and Providence Equity Partners.

However, that doesn’t mean any of those companies have actually decided to move forward with a bid. They haven’t. Still, with bids expected to be as high as $1.5 billion-$2 billion, things may not be over for Hulu just yet.

Although, even if one of the companied does bid and Hulu is sold, that doesn’t mean it wil continue in its present form. Given the current state of its business, chances are it probably won’t. In fact, I would be surprised to see Hulu in existence in another three years.

Comcast and General Electric announced early today they have made an agreement to combine GE’s NBC Universal with Comcast’s entertainment assets. The new company will be 51% owned, and managed, by Comcast. GE will have 49%. Jeff Zucker, president of NBC U, will become CEO of the new company.

According to the trade, the agreement “creates a new powerhouse with enormous reach in sports and entertainment programming.” It also will allow “GE to contribute NBC U’s businesses valued at $30 billion, including broadcast and cable television, filmed entertainment and theme parks.”

As part of the agreement, Comcast will contribute $6.5 Billion in cash, along with its own cable networks including E!, Versus and the Golf Channel, its 10 regional sports networks, and certain digital media properties collectively valued at $7.25 Billion.

The cable networks, including NBC’s USA, Bravo, Syfy, CNBC and MSNBC, will account for 80% of the new, combined company’s cash flow — which is a good thing. Comcast will create a new division called Comcast Entertainment Group to control its interest in the new venture. Okay, that’s all well and good, but how does the Sheinhardt Wig Company figure in all of this?