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Disney Buys Out Comcast’s Remaining Hulu Stake
After a prolonged negotiation period spanning over two years, The Walt Disney Company has officially finalized its agreement with Comcast to acquire NBCUniversal’s remaining one-third stake in the streaming service Hulu. The resolution sees Disney paying an additional $438.7 million to Comcast, a figure notably less than what NBCUniversal had initially sought during the valuation process.
The “years-long saga” over Hulu’s fate stems from a put/call option arrangement established in 2019, which gave Disney the right to fully acquire Comcast’s stake. In 2023, Disney had already paid an initial $8.61 billion, representing NBCUniversal’s percentage of a guaranteed $27.5 billion floor value for Hulu. However, the companies were unable to agree on a final fair market valuation for the remaining stake, leading to an extended and confidential appraisal process. Comcast had reportedly argued for a significantly higher valuation, suggesting Disney should pay an additional $5 billion.
The final price was determined through a contractual appraisal process that involved a third-party mediator, settling the dispute decisively closer to Disney’s valuation. This additional payment of $438.7 million will officially complete the sale of Comcast’s 33% stake. The full acquisition of Hulu is expected to be completed on or before July 24, 2025, solidifying Disney’s complete control over the streaming platform.
Disney CEO Bob Iger expressed satisfaction with the resolution, stating, “We are pleased this is finally resolved. We have had a productive partnership with NBCUniversal, and we wish them the best of luck.” The full ownership of Hulu is a strategic victory for Disney, paving the way for a deeper and more seamless integration of Hulu’s general entertainment content with Disney+ and, in the future, with ESPN’s direct-to-consumer product. This move is expected to provide an “unrivaled value proposition for consumers” and allow Disney greater flexibility in its overall streaming strategy.
A spokesperson for Comcast acknowledged the partnership, noting, “Hulu was a great start for us in streaming that generated nearly $10 billion in proceeds for Comcast and created an important audience for NBCUniversal’s world-class content. We wish Disney well with Hulu and appreciate the cooperative way our teams managed the partnership.” The finalization marks a significant milestone in the evolving landscape of streaming, as Disney solidifies its position with a fully integrated suite of streaming services.
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