Burbank (CA) – The online video joint venture between NBC Universal and News Corp finally has a name… Hulu. According to Hulu’s CEO, Jason Kilar, the name was picked because it is “short, easy to spell, easy to pronounce, and rhymes with itself.”

Hulu will compete with video sharing giant YouTube and promises to have streaming clips of popular and new shows like Bionic Woman, Family Guy, The Office and 24.

Kilar is a former Amazon.com executive and manages a cool venture capital investment of $100 million dollars. He says the website will enter a private beta in October. Hopefully he means October 2007 rather than 2008.