TightWind is written by Kyle Baxter. Stay Hungry. Stay Foolish.

Bloomberg is reporting that Apple is considering bidding on Hulu. Google, Yahoo and AT&T may also be interested.

Most importantly, the winning bidder would receive a five-year extension of programming rights:

Hulu would give Apple a new subscription service and represent a possible challenge to Netflix Inc. (NFLX) Hulu’s media- company owners, Walt Disney Co. (DIS), News Corp. (NWSA) and Comcast Corp. (CMCSA)’s NBC Universal, are offering suitors a five-year extension of program rights, including two years of exclusive access, people familiar with the matter said earlier this week.

That’s the important part. I don’t think Apple has much interest in Hulu’s technology, but I’m sure they’re interested in expanding their rights to network programming. The Apple TV’s biggest limitation is iTunes’s lack of new TV shows for rent and I have no doubt Apple is keenly aware of that.

Whether purchasing Hulu is the best way to get access to greater programming rights is another question, though.