Disney to buy remaining Hulu stake from Comcast

Rafael Henrique | SOPA Images | LightRocket | Getty Images

Disney said Wednesday that it had agreed to buy Comcast‘s one-third stake in streaming service Hulu, a long-expected outcome.

Disney said it expects to pay Comcast’s NBCUniversal about $8.61 billion by Dec. 1, reflecting the guaranteed minimum value of $27.5 billion for the streaming service the two sides agreed upon in 2019. That deal sprang from Disney’s purchase of Fox’s entertainment assets, which gave it two-thirds of Hulu.

Disney could pay more based on Hulu’s equity value as of Sept. 30. The company said the appraisal process should wrap up some time next year.

“We look forward to the appraisal process and the determination of Hulu’s fair market value which we expect will reflect the extraordinary value of the business,” Comcast said in a statement.

Originally, Disney and Comcast had set a deadline to resolve Hulu’s ownership by January. In September, the rival media giants moved up that deadline, effectively acknowledging the outcome announced Wednesday.

Disney already sells Hulu as part of a streaming bundle with its Disney+ and ESPN+ products.

Read the full release from Disney.

Disclosure: Comcast’s NBCUniversal is the parent company of CNBC.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Swift Telecast is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – swifttelecast.com. The content will be deleted within 24 hours.

Leave a Comment