Walt Disney Co. has officially finalized its acquisition of Hulu, purchasing Comcast’s remaining 33% streaming platform for an additional $438.7 million. This resolution brings the total value of the deal to approximately $9.2 billion and marks the end of a year-long struggle between the two media giants over Hulu’s valuation. The transaction is expected to be fully completed by July 24, 2025.
A Dispute Years in the Making
The roots of this deal date back to 2019, when Disney and Comcast entered into a put/call agreement after Disney’s $71.3 billion acquisition of 21st Century Fox’s entertainment assets, which included a majority stake in Hulu. Under the terms, Comcast agreed to sell its minority stake no later than 2024, with a floor valuation of $27.5 billion set for Hulu.
In 2023, Disney initiated the buyout by paying $8.61 billion, but both parties failed to agree on a final valuation. Comcast argued Hulu was worth far more, pushing for up to $5 billion in additional payment. Disney disagreed, prompting a third-party appraisal process. The final result landed much closer to Disney’s proposed figure, requiring an additional payment of $438.7 million to Comcast.
Disney’s Strategic Integration
While Disney had operational control of Hulu since 2019, this final transaction grants the company full financial ownership, allowing it to deepen integration between Hulu and its other streaming platforms. Bob Iger, CEO of Disney, said they are pleased this is finally resolved, adding that the company had a productive partnership with NBCUniversal and wishes them the best. He emphasized that completing the Hulu acquisition paves the way for a deeper and more seamless integration of Hulu’s general entertainment content with Disney+ and, soon, with ESPN’s direct-to-consumer product, providing an unrivalled value proposition for consumers.
The move is part of a broader strategy by Disney to consolidate its streaming assets. The company has already begun blending Hulu’s content into Disney+, offering a unified app experience and bundled packages with ESPN+. With full control, Disney can streamline operations, simplify user experiences, and drive cross-platform engagement.
Comcast Bids Farewell
Comcast also issued a statement marking the end of its involvement with Hulu, saying the platform was a great start for them in streaming that generated nearly $10 billion in proceeds and helped build an important audience for NBCUniversal’s content. The company noted that it appreciated the cooperative way their teams managed the partnership and wished Disney well.
Though Comcast has exited Hulu, it continues to invest heavily in its own streaming platform, Peacock, which focuses on live sports and ad-supported content.
Hulu’s Legacy and Future
Hulu’s origins stretch back to 2007, when it was launched as a joint venture between NBC and Fox, with Disney and later Time Warner joining the partnership. The platform became a pioneer in streaming, but was often hampered by competing interests among stakeholders. As each media company eventually launched its own direct-to-consumer service, Hulu’s collaborative model unravelled.
Despite the internal conflicts, Hulu built a strong brand known for acclaimed originals such as The Bear and Only Murders in the Building. As of Disney’s second quarter, the platform had 54.7 million subscribers.
With this acquisition, Disney consolidates a critical piece of its streaming portfolio. At a time when the industry is grappling with high content costs, subscriber churn, and shifting business models, full ownership of Hulu positions Disney to better navigate the evolving media landscape.
