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Disney Completes Hulu Takeover with $438.7 Million Payment to Comcast

In a significant move within the streaming industry, Disney has agreed to pay Comcast $438.7 million to acquire the remaining 33% stake in Hulu, concluding a protracted valuation dispute that followed their initial deal. This payment finalizes Disney’s path to full control of the popular streaming platform, marking a new chapter in its digital content strategy.

Background: The Road to Full Ownership

Disney’s journey to complete ownership of Hulu began in 2019, when it agreed with Comcast on a guaranteed minimum valuation of Hulu at $27.5 billion. This agreement led to Disney paying $8.6 billion upfront for Comcast’s initial stake, following Disney’s acquisition of Fox Corporation’s entertainment assets, which had already secured Disney a two-thirds share of Hulu.

By 2023, Disney announced its intention to purchase Comcast’s remaining 33% stake, aiming to consolidate control and streamline its streaming offerings. However, the final payment amount was subject to an extensive appraisal process due to differing valuations by the two companies’ appraisers.

The Valuation Dispute and Resolution

Disney’s appointed appraiser valued Hulu below the $27.5 billion floor agreed upon in 2019, while Comcast’s NBCUniversal appraiser placed the value significantly above that threshold. This disagreement triggered the involvement of a third independent appraiser, whose valuation ultimately settled the dispute, resulting in Disney’s agreed payment of $438.7 million.

The transaction is set to close on or before July 24, 2025, and the payment will be recorded in Disney’s third-quarter fiscal financial statements under “net income attributable to noncontrolling interests,” slightly reducing net income attributed to Disney but not affecting the company’s adjusted earnings guidance for fiscal 2025.

Strategic Impact: Streamlining Streaming Services

Disney CEO Bob Iger expressed satisfaction with the resolution, highlighting the company’s positive history working with NBCUniversal and the benefits full ownership brings. Iger noted that this acquisition will enable a “deeper and more seamless integration” of Hulu with Disney+ and the upcoming ESPN direct-to-consumer streaming service, aiming to offer subscribers an enriched content experience.

Currently, Disney bundles Hulu with Disney+ and ESPN+, capitalizing on a combined subscriber base of approximately 180.7 million users, according to Disney’s latest earnings report. Hulu itself boasted over 50 million subscribers as of March 2025, while Comcast’s competing streaming service Peacock reported 41 million subscribers in April 2025.

Comcast’s Streaming Strategy and Partnership Reflection

For Comcast, Hulu has been a lucrative venture, generating nearly $10 billion in proceeds and establishing a vital audience base for NBCUniversal’s content library. Since launching Peacock in 2020, Comcast has been focusing on building its own streaming ecosystem. A Comcast spokesperson acknowledged the partnership’s success and wished Disney well in its future Hulu endeavors.

Why This Matters for the Streaming Industry

This acquisition highlights the growing consolidation in the streaming market as major players seek to optimize their content libraries and subscriber offerings. Disney’s control over Hulu allows it to compete more effectively against streaming giants like Netflix and Amazon Prime Video, while offering consumers more integrated and diversified options.

As the streaming wars intensify, this deal reinforces the trend toward bundled services and strategic content alignment, with Disney poised to leverage Hulu’s unique offerings alongside its flagship brands.