The Walt Disney Co. (DIS) has agreed to buy the one-third stake in streaming service Hulu that is currently owned by Comcast (CMCSA) for $8.61 billion U.S.
The decision by Disney to take full control of Hulu was widely expected. The Mouse House said it plans to pay Comcast $8.61 billion U.S. by Dec. 1, pending final appraisal of Hulu’s value.
The ultimate price Disney pays to buyout Comcast could change following a review of Hulu and its value by several investment banks. Hulu’s minimum value has been set at $27.5 billion U.S.
Disney acquired two-thirds of Hulu in 2019 when it purchased Fox’s entertainment assets, though Comcast owned one-third of Hulu, a stake that it has held onto until now.
Disney and Comcast previously set a deadline to resolve Hulu’s ownership by January 2024.
Disney currently offers Hulu to subscribers as part of a streaming bundle that includes Disney+ and ESPN+.
The stock of Walt Disney Co. has declined 20% over the last 12 months to $81.07 U.S. per share.
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