A new strategy could also spell good things for fans of Hulu's original content. Freer told The Information that the savings from cutting live TV costs would allow Hulu to further fuel its own production budget. The network has seen critical success with The Handmaid's Tale and Castle Rock, and Hulu's Veronica Mars reboot scheduled for 2019 is highly anticipated.

Currently, Hulu's live TV bundle runs $40 a month, which is in line with its competitors like YouTube TV and Sling's Orange and Blue combo plan. A cheaper bundle could be quite competitive if Hulu can figure out the right mix of stations to offer. Hulu has not revealed how much a skinnier bundle could cost subscribers or which live TV networks it would include, but breaking things down into smaller packs could help it resemble Sling TV's approach with more options.

Update: Hulu has not announced any changes yet, this post has been updated for clarity.