Media fees are discounted based on volume - if you run two campaigns, one which has a budget of $100,000 and the other $1,000,000, you will be able to get a significantly lower CPM rates on the $1,000,000 campaign as the publisher will want the volume.
Hence, this is not an apples-to-apples comparison - if both the TV buy and the Hulu buy were the same $ amount, then it would be more relevant.
It's not apples to apples for a lot more reasons than that. A 22 minute show gets about 1.5 minutes of ads on Hulu, versus perhaps 8 minutes on broadcast. It's never good to be buried in the middle of an advertising block.
Also there's got to be a Tivo/DVR discount built in there somewhere, which I've seen almost no reporting on.
Hence, this is not an apples-to-apples comparison - if both the TV buy and the Hulu buy were the same $ amount, then it would be more relevant.