Disney has been holding a majority stake in streaming service Hulu, with Comcast holding a minority stake. Now, Disney is set to take the whole enchilada. Hulu has been basically co-owned and co-operated by Comcast and Disney, with Comcast clinging to a 33% stake in the company.
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Now, Disney wants to own the entire thing and is most likely going to buy that 33% stake that Comcast has. The price tag is being reported as a nearly $9 billion deal, though the final amount won’t be set in stone until after the appraisal is over.
According to Engadget, the companies had agreed back in 2019 that Comcast could force Disney to buy its stake by next year and Disney could require Comcast to sell. The cable TV and media company chose to speed up negotiations with Disney instead of waiting until 2024.
“The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” Disney said in its announcement. The company intends to merge the two properties to make a one-app experience by the end of this year. The Hulu app will still be available, but most all the content will be on Disney+ as well.
According to Engadget, “Disney CEO Bob Iger said when he announced the combined streaming app that it’s “a logical progression” of the company’s direct-to-consumer offerings “that will provide greater opportunities for advertisers, while giving bundle subscribers access to more robust and streamlined content…” As for Comcast, it already has its own streaming service — Peacock — and has been making its shows like The Voice available to its members.”
This purchase does help bolster Disney’s digital assets, though their existing content hasn’t been doing very well lately. Only time will tell.
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