The Hulu ownership saga between Walt Disney Co. and Comcast Corp. looks ever more likely to end with the most logical conclusion.
A week after Disney DIS Chief Executive Bob Iger showed a renewed appreciation for general entertainment content and said that the company would integrate Hulu content into the Disney+ app for joint subscribers, Comcast CMCSA Chief Executive Brian Roberts said it was quite probable Comcast would end up selling its one-third stake in the service early next year.
“One thing I just want to say is part of the calculus of why I think that is probably the case is I think Disney recognizes, as anybody else would recognize, that Hulu is really valuable,” Roberts said. “If you think about what happens in that put/call, it’s what would a willing buyer in a robust auction pay.”With Hulu, Disney would get a streaming service with 50 million to 55 million-plus domestic subscribers, he added.
Disney, which currently owns two-thirds of Hulu, and Comcast agreed in 2019 that Disney would have the option to buy out Comcast’s stake as early as January 2024. The companies agreed that Hulu’s fair-market value would be assessed by third-party experts but that Disney “has guaranteed a sale price for Comcast that represents a minimum total equity value of Hulu at that time of $27.5 billion,” according to a 2019 release.
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