The Walt Disney Company is looking to expand its ownership of streaming service Hulu by purchasing Comcast’s stake in the company in a deal reported to cost the house of mouse $8.61 billion.
The deal, which is actually worth billions, will give Disney Comcast’s 33 percent stake in the company and its expected to be closed in 2024. Disney first expanded its ownership in Hulu after purchasing 21st Century Fox a few years ago.
“The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” the Bob Iger-led company said in a statement Wednesday.
Reportedly, a securities filing confirmed that NBCUniversal triggered the purchase earlier in the day on Wednesday.
“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.
Disney and Hulu always had a deal in place that gave Comcast an out of the streaming service, whether it be selling to another media company or to Disney at a fair market value assessment from independent experts. Currently, Hulu as a whole is valued at $27.5 billion, which makes a third of its value to be roughly $9 billion.
The purchase is expected to be made December 1, according to Disney. Although, it will go through the appraisal process to make the final determination of Hulu’s value and how much the company will need to pay beyond $8.61 billion.
“While the timing of the appraisal process is uncertain, we anticipate it should be completed during the 2024 calendar year,” Disney said.
What are your thoughts on Disney taking full ownership of Hulu for $8.61 billion? Let us know in the comments!
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