Peter Kafka with the details. From the press release:
Since Hulu holds a unique and compelling strategic value to each of its owners, we have terminated the sale process and look forward to working together to continue mapping out its path to even greater success. Our focus now rests solely on ensuring that our efforts as owners contribute in a meaningful way to the exciting future that lies ahead for Hulu.
Although Kafka says that the parent companies did not have interest in selling, this quote suggests there were talks that grew to a serious level.