Key Points
- Disney paid Comcast $438.7 million to acquire the final 33% stake in Hulu.
- The deal concludes a years-long valuation process, finalizing Hulu’s ownership.
- Full ownership will allow deeper integration with Disney+ and the upcoming ESPN streaming app.
- Hulu currently has over 50 million subscribers; Disney+ leads with most of Disney’s 180.7 million total subscribers.
Disney has officially concluded its long-running acquisition of Hulu by agreeing to pay Comcast $438.7 million for its remaining 33% stake in the streaming service. The transaction marks the final step in a process that began in 2019 when both companies agreed Hulu would have a minimum valuation of $27.5 billion.
Disney initially paid $8.6 billion in 2023, which reflected Comcast’s share of the pre-agreed floor value. However, the two companies pursued a formal appraisal process to determine the fair market value of the assets. According to an SEC filing, Disney’s appraiser valued Hulu below the floor, while Comcast’s appraiser estimated a figure far higher. A third independent appraiser concluded the final valuation this week, resulting in an additional $438.7 million payment.
The final payment is expected to close on or before July 24. Disney will record the cost in its Q3 income statement under “net income attributable to noncontrolling interests,” which will slightly reduce net income but won’t affect Disney’s 2025 adjusted earnings guidance.
Disney CEO Bob Iger expressed satisfaction over the resolution, thanking Comcast for the collaboration and confirming that full ownership of Hulu enables a “deeper and more seamless integration” with Disney+ and the upcoming ESPN streaming platform. Disney has already started bundling these services, offering viewers a consolidated experience with Hulu, Disney+, and ESPN+.
Comcast, for its part, acknowledged Hulu’s importance in its streaming evolution. With the sale completed, Comcast is now focusing its efforts on growing its streaming platform, Peacock, which launched in 2020 and had 41 million subscribers as of April.
Hulu, meanwhile, remains a significant asset for Disney, with over 50 million subscribers reported as of March 29. Overall, Disney has amassed 180.7 million streaming subscribers, largely through the success of Disney+.
This deal positions Disney to sharpen its competitive edge in the streaming wars as it consolidates content, expands offerings, and streamlines user experience across platforms.
