YouTube Wants To Be Hulu Now? Oh No

Today Google announced they will be streaming full-length TV shows from CBS owned shows.
The programs will include new editions of shows including “The Young and the Restless,” “Dexter” and “Californication,” according to YouTube director of content partnerships Jordan Hoffner.
It will be identical to how Hulu profits from their streams, running advertisements before, throughout and after the show.
This move comes under harsh criticism of Google in the financial crisis for not turning a profit on their $1.65B investment in the video giant.
Google’s stock is undervalued and it is good for them to start testing out their ventures they think will be profitable for them. For now they have been organizing the world’s information and monetizing only certain areas. Now they need to turn on the revenue streams from all angles to fight off Joe Public.

Will this work or is this an embarrasing attempt to copy NBC/Universal?