Disney will pay Comcast’s NBCUniversal nearly $439 million (€384 million) to acquire the remaining stake in streaming service Hulu, completing a years-long process to gain full ownership of the platform.
The transaction resolves an extended appraisal process that began when Disney announced in November 2023 its intention to purchase Comcast’s 33 percent stake for at least $8.6 billion, based on Hulu’s guaranteed minimum valuation of $27.5 billion.
The final payment amount was determined through a complex appraisal process involving multiple valuations. Disney’s appraiser concluded the streaming service was worth less than the guaranteed floor value, while NBCUniversal’s appraiser arrived at a substantially higher valuation. A third, independent appraiser ultimately set the final purchase price at $438.7 million.
Disney has effectively controlled Hulu since 2019, when Comcast relinquished operational authority and became a silent partner in the venture. The entertainment giant gained majority control in 2019 following its acquisition of 21st Century Fox.
Hulu launched in 2007 as an ambitious collaboration between major entertainment conglomerates seeking to create an online platform for their television content, representing an early attempt to compete with emerging internet-based entertainment services. Disney joined the partnership in 2009, contributing programming from ABC, ESPN, and the Disney Channel.
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 acquisition aligns with Disney’s broader streaming strategy, as Iger explained: “Completing the Hulu acquisition paves the way for a deeper and more seamless integration of Hulu’s general entertainment content with Disney+ and, soon, with ESPN’s direct-to-consumer product, providing an unrivalled value proposition for consumers.”
The transaction is expected to close by July 24th and will not impact Disney’s fiscal 2025 adjusted earnings forecast, according to the company.
Disney shares rose slightly in morning trading on Tuesday following the announcement, reflecting investor approval of the strategic move.
The acquisition represents a significant milestone in Disney’s streaming ambitions, giving the company complete control over a platform that has become increasingly important in the competitive streaming landscape. Full ownership of Hulu allows Disney to integrate the service more closely with its other streaming properties, potentially creating a more comprehensive entertainment offering for subscribers.
The deal also marks the end of a unique partnership model in streaming, where competing entertainment companies shared ownership of a single platform. As the streaming wars have intensified, such collaborative arrangements have become increasingly rare, with companies preferring to maintain full control over their digital distribution channels.