More than a decade after Hulu launched as a joint streaming venture between legacy media companies, Disney has now taken full ownership of the platform, closing the final chapter on a long, complex corporate saga.
On Monday, Disney made an additional $438.7 million payment to NBCUniversal, sealing the deal that began with a 2019 put/call arrangement between the two companies. This final sum comes on top of the $8.6 billion Disney already committed last year to buy out NBCU’s one-third stake in Hulu, a process that has been years in the making.
The transaction brings to a close one of the most significant partnerships in early streaming history, an era that began long before Disney+ or the rise of mobile video consumption.
A Long Road to Full Ownership
Originally created as a joint venture between NBC and Fox, Hulu became a critical player in streaming by offering on-demand access to major network programming. Disney joined the venture early on, with Time Warner later acquiring a 10% stake. But over time, each partner began pursuing their own streaming strategies, leading to a gradual unravelling of shared ownership.
The final financial terms were shaped by multiple third-party appraisals. The 2019 agreement had established a $27.5 billion floor valuation for Hulu, but Disney and Comcast offered significantly different assessments. According to Disney’s recent SEC filing, Disney’s internal appraisal was below that threshold, while NBCUniversal’s valuation was “substantially” higher.
To resolve the dispute, a neutral third appraiser was brought in. Had the Comcast-side valuation prevailed, Disney noted, the final payout could have exceeded $5 billion. Instead, the $438.7 million figure reflects a compromise “taking into account the valuation of a third appraiser,” the filing explained.
The buyout is expected to formally close on or before July 24, putting an official end to NBCU’s financial involvement.
Disney and Comcast React
Disney CEO Bob Iger celebrated the conclusion of the deal, saying in a statement:
“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.”
Comcast also issued a public statement through a spokesperson, offering a diplomatic tone on the exit:
“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.”
What’s Next for Hulu?
In recent years, Disney has been gradually merging Hulu into its broader streaming ecosystem, bundling the platform alongside Disney+ and ESPN+, and integrating it with linear networks like ABC and FX. Hulu’s general entertainment content now plays a central role in Disney’s strategy to attract both domestic and global audiences across streaming platforms.
A combined Disney+ and Hulu app experience has already launched in beta for U.S. subscribers, and the company plans a more robust rollout in the months ahead.
Hulu’s original vision, bringing together multiple legacy studios in a single destination, was at times hampered by internal conflict and shifting strategic priorities. But the irony is that as individual companies now wrestle with the high costs and unclear profitability of standalone streaming, the industry is once again moving toward collaboration and bundling, the very model Hulu pioneered.
While NBC and Fox have since spun off their own services (Peacock and Tubi, respectively), and Time Warner evolved into Max under Warner Bros. Discovery, Hulu remains a prominent piece of the puzzle in Disney’s digital ambitions.
Now, with the financials settled and control consolidated, Disney is poised to move forward without friction and with full creative and strategic command of one of the most influential platforms in the history of streaming.
