Disney has officially bought Comcast’s one-third stake in Hulu, making it the sole owner of the streaming platform. The deal, finalized on June 9, 2025, means Disney now owns 100% of Hulu, paving the way for better integration with Disney+ and ESPN’s streaming services.
Back in December 2023, Disney had already paid $8.61 billion to Comcast as part of a pre-agreed minimum valuation set in 2019. That agreement guaranteed Hulu’s value at $27.5 billion, with Comcast holding one-third of the company.
However, both companies disagreed on how much Hulu was truly worth in 2023. They went into arbitration to determine the final price. As a result of the independent appraisal process, Disney now owes Comcast an additional $438.7 million to complete the deal.
In total, Disney is paying around $9 billion for Comcast’s share slightly less than what Comcast had hoped for. If Comcast’s preferred valuation had been accepted, Disney would have ended up paying $5 billion more.
Disney CEO Bob Iger, said, “We are pleased this is finally resolved. We have had a productive partnership with NBCUniversal, and we wish them the best of luck,” “Completing the Hulu acquisition paves the way for a deeper and more seamless integration of Hulu’s general entertainment content with Disney+ and, soon, with ESPN’s direct-to-consumer product, providing an unrivaled value proposition for consumers.”
A Comcast spokesperson, said, “Hulu was a great start for us in streaming that generated nearly $10 billion in proceeds for Comcast and created an important audience for NBCUniversal’s world-class content. We wish Disney well with Hulu and appreciate the cooperative way our teams managed the partnership.”
Hulu began in 2007 as a joint venture between NBCUniversal and Fox, created as a response to YouTube’s growing popularity. Disney joined later, gradually increasing its stake. Notably, in 2019, Disney gained two-thirds ownership of Hulu after buying 21st Century Fox’s entertainment assets for $71 billion and purchasing AT&T’s 10% stake in Hulu.
In the same year, Disney also reached a deal with Comcast that gave it full operational control of Hulu. Comcast agreed to sell its remaining share within five years.
In May 2024, the two companies entered into a confidential arbitration to settle a disagreement over Hulu’s final value. Both hired banks to assess the platform. Disney’s bank estimated a value below the $27.5 billion floor, while Comcast’s bank came up with a number much higher than the floor.
As part of their agreement, if both valuations were more than 10% apart, a third appraiser would be brought in. The final price would be based on the average of the two closest estimates. That process led to the final price a total of $9 billion for Comcast’s stake, valuing Hulu at about $27 billion.
Additionally, now that the deal is closed, Disney can move forward with its plans to fully merge Hulu with its other streaming services. Furthermore, this acquisition strengthens Disney’s streaming strategy as it looks to stay competitive with platforms like Netflix, Amazon Prime Video, and Max.
Notably, Hulu’s wide range of general entertainment from network shows to original series has been a major draw for subscribers in the U.S., and Disney wants to tap into that audience by combining Hulu’s content with its family-friendly offerings and sports through ESPN. The deal is expected to officially close by July 24, 2025, according to Disney’s latest SEC filing.