Disney has officially closed its acquisition of Comcast’s remaining 33 percent stake in Hulu by paying approximately $438.7 million, bringing the total outlay to roughly $9.04 billion. In November 2023, Disney had already paid a guaranteed minimum of $8.6 billion, based on a floor valuation of $27.5 billion; the final payment was set by arbitration through a third-party appraiser that valued the entire streaming service at just under $29 billion.
Hulu currently boasts around 54.7 million subscribers, up from roughly 55 million at the end of Disney’s second fiscal quarter. Comcast noted that Hulu generated nearly $10 billion in proceeds for them during the partnership, saying it “created an important audience for NBCUniversal’s world-class content.”
Disney CEO Bob Iger described the resolution as laying the groundwork for more integrated product offerings. He emphasized that finalizing full ownership “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.”
Comcast, which will redirect its focus to its own streamer Peacock (now with around 35 million subscribers), “wish[es] Disney well with Hulu and appreciate[s] the cooperative way our teams managed the partnership,” according to a company spokesperson. Comcast highlighted Hulu as a successful springboard, stating it “generated nearly $10 billion in proceeds for Comcast.”
The transaction is set to close by July 24, 2025, and Disney has indicated that the deal will not affect its fiscal 2025 adjusted earnings forecast. Following the announcement, Disney’s share price edged up slightly during morning trading.
Financially, the arbitration outcome falls between the divergent valuations initially presented: Comcast had argued for an over-$40 billion valuation for Hulu, while Disney’s own appraisal had assessed it at $27.5 billion. The final valuation, set at just under $29 billion, reflects a compromise between those extremes.
With full control now secured, Disney can fully integrate Hulu’s content—ranging from acclaimed originals like “The Bear” and “Only Murders in the Building”—into its broader streaming strategy. The company is poised to leverage Hulu alongside Disney+ and the upcoming ESPN streamer to offer a package with unmatched diversity and scale in the direct-to-consumer entertainment space. Disney has already begun soft integration efforts, including bundling Hulu with Disney+ and ESPN+, and introduced a Hulu hub within Disney+ in December 2023.
From an industry perspective, this move ends a nearly two-decade joint venture that began with NBC and Fox launching Hulu in 2007 and continued through Comcast’s acquisition of its 33 percent share. Comcast will now exclusively focus on Peacock, which has stabilized at approximately 35 million subscribers, while Disney strengthens its three-pronged streaming bundle.
In summary, Disney’s final payment marks the strategic consolidation of Hulu under a single owner after years of valuation disputes. With full control secured, Disney is set to unify its streaming assets, improve monetization through bundling and operational efficiency, and position itself to better compete in an increasingly consolidated and competitive streaming marketplace.