All is fair in love and Big Media.

Time Warner (TWX) , according to a report from The Wall Street Journal, is in discussions about taking a stake in Hulu, the subscription streaming services jointly-owned by Disney (DIS) - Get Report , Comcast's (CMCSA) - Get Report NBCUniversal and 21st Century Fox (FOXA) - Get Report .

Netflix shares closed lower, falling $3.5% to 108.92, following the breaking news.

Time Warner, owner of HBO, Turner Networks and Warner Bros. studios, would become an equal owner of the video-on-demand platform that old-line media companies have been trying to bolster in large part to offset the clout carried by Netflix (NFLX) - Get Report . The proposed transaction, which would involved a content licensing with Time Warner, would value Hulu at $5 billion to $6 billion. 

As it stands, Disney, Fox and NBCUniversal all own one-third of the streaming service, with NBCUniversal having a passive stake in Hulu, a provision included as part of its merger with Comcast several years ago. If Time Warner were to take an ownership stake, which would include a cash investment as well licensing more content than it has in the past, all four media companies would own 25% of Hulu.

The report of Hulu seeking to secure greater participation from Time Warner comes a week after CEO Jeff Bewkes said told investors that the New York-based company would consider lengthening the "window" between the time a television show originally airs on its networks and when it becomes available on a streaming service such as Netflix.

Time Warner, Bewkes said, will seek a "multi-year period more consistent with traditional syndication." Historically, the syndication window has been four years after it plays on a network rather than the industry standard of one year.

Bewkes motivation for maneuvering to curb Netflix's popularity comes as Time Warner has been investing in HBO NOW, its Internet-based subscription service that debuted earlier this year.

Officials at Time Warner, Hulu and Netflix couldn't be immediately reached for comment.