Shortly after its $44 billion bid to buy Yahoo, Microsoft has once again made headlines in the mergers and acquisitions arena. This time Microsoft is rumored to be in the hunt for Ustream.tv.

According to a TechCrunch story, Microsoft could pay as much as $50 million for the live streaming service provider.

If true, it's believed that Microsoft could be interested in Ustream.tv to showcase its Silverlight technology. However, Microsoft recently partnered with rapper Ice Cube, who will use Silverlight in his video destination.

Ustream's streaming shows include Justin.tv, Blogtv and Mogulus.