Disney plans to acquire NBCU's 33% stake in Hulu, gaining full ownership, and expects to pay ~$8.61B, representing NBCU's share of a $27.5B guaranteed floor
This transaction resolves the central ownership question that had persisted as Disney and Comcast disputed Hulu’s value and Comcast stopped funding it, a conflict covered in their Hulu valuation fight.
First-order effects
Disney moves from majority owner to sole owner of Hulu, subject to completing the purchase, and takes responsibility for the roughly $8.61B payment tied to the agreed valuation floor.
Comcast converts its 33% Hulu holding into a cash exit rather than retaining a say in the service’s ownership and strategy.
Second-order effects
Disney can make Hulu investment, distribution and product decisions without negotiating with a co-owner, removing a governance constraint that had complicated the companies’ relationship.
The valuation mechanism gives both companies a defined route to settle a long-running disagreement, though the final amount could still depend on the agreement’s appraisal process.
Third-order effects
The deal is another step away from the shared-ownership model that helped launch streaming services and toward platforms controlled by a single media company.
If similar holdings are unwound, legacy media groups may increasingly treat streaming stakes as strategic control assets or monetizable exits rather than joint ventures.
The trend: Streaming ownership is consolidating as media companies seek clearer control over platform strategy and economics.
it's gonna get immediately folded into disney+ which sucks and won't really making disney+ all that more appealing to folks. hulu as its own brand that has existed for many years > $14 a month to watch bad star wars and marvel shows [embedded post]
@epro.social
Emil Protalinski on bluesky
I wonder how long Disney will keep the Hulu brand before just giving up and adding all of Hulu's shows into Disney+. [embedded post]
@paleofuture.bsky.social
Matt Novak on bluesky
Retvrn but for a pre-1948 studio system of full vertical integration. [embedded post]
@tim_bays
Tim Baysinger on x
Both sides held an option to trigger this deal, which Comcast did today
@gamoid
Matt Weinberger on x
Disney paid $4 billion for Star Wars. Buying full control of Hulu will cost a little over two Star Warses.
@dylanbyers
Dylan Byers on x
COMCAST responds: “We look forward to the appraisal process and the determination of Hulu's fair market value which we expect will reflect the extraordinary value of the business.” It's on!
@tim_bays
Tim Baysinger on x
As expected, Disney will buy out Comcast's 33% in Hulu. — Will pay $8.61b by Dec. 1, based on $27.5b valuation set from 2019 put/call deal — Hulu will be appraised and if found to be worth more, Disney will pay the difference — Deal will be fully completed sometime next year
@dylanbyers
Dylan Byers on x
This isn't the announcement of a Hulu deal so much as a declaration by Disney that they're starting negotiations with Comcast over fair price for Hulu—and they're starting position is, predictably, the lowest-possible offer: $8.61 billion. Final appraisal won't be til next year.
r/technology
r on reddit
Disney is about to own all of Hulu | Disney's paying more than $8 billion for Comcast's stake in Hulu.