In a long-expected move, the Walt Disney Company has announced its plans to purchase the remaining 33% stake in the popular streaming service Hulu. Disney expects to pay Comcast about $8.61 billion for the acquisition.
Disney has the potential to pay a higher amount depending on the equity value of Hulu as of September 30. The appraisal process, expected to conclude sometime in the following year, will determine the final valuation.
Hulu was founded in 2007 with joint ownership by several media companies, including 21st Century Fox and Comcast. Once the acquisition is complete, the Walt Disney Company will assume full ownership of the streaming platform.
This strategic move is a display of Disney’s ambition to establish a dominant presence in the streaming market. With an already impressive portfolio of properties including Disney+, ESPN+, and Hulu, Disney is undoubtedly positioning itself as a major contender in the ever-growing world of online streaming.