By - Che Browndon
Written-on - November 7 2023
The Entertainment giant Disney is about to strike another major deal - this one giving the company the complete rights of Hulu. Hulu is a popular streaming service launched in October 29, 2007. It has a variety of shows including movies, series, anime’s and more
This information was revealed on Walt Disney’s website on November 1st 2023. Disney expects to pay $8.61 billion to acquire Comcast’s 33% stake in Hulu giving Disney 100% control of Hulu. The acquisition of Comcast’s stake in Hulu at fair market price is to further Disney’s streaming objectives. Disney expects to pay $8.61 billion by December 1st.
On March 20, 2019, Disney purchased 21st Century Fox giving it 60% control of Hulu at the time. The following Month (April 15, 2019), Disney acquired WarnerMedia’s 10% stake in Hulu for $1.43billion. By 2019, Disney already had overwhelming control over the streaming service but that didn’t stop the company.
Later that year (still in 2019), Disney made a deal with Comcast to buy its 1/3 stake in Hulu and this was set to take place in 2024 but it’s happening earlier than predicted. At the time, both companies set a minimum floor value for Hulu which was $27.5 billion. $8.61 billion representing Comcast’s percentage of the minimum floor value for Hulu.
This amount isn’t fixed because despite $8.61 billion being the expected price, Disney might pay more because both companies agreed to an appraisal process which will evaluate Hulu’s equity fair value as of September 30th 2023 and if Comcast’s stake is greater than the determined floor value, Disney will pay Comcast more. The end time of the appraisal process is currently uncertain but Disney expects it to be completed sometime next year.
Aside from Hulu, Disney currently has other streaming services/platforms at its disposal including Disney+, ESPN+ (Disney acquired 80% stake as a result of its merger deal in 1995) and Amazon Fire TV with a goal of dominating the video streaming industry
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