Hulu now fully owned by Disney after $439 million deal with NBCUniversal

LOS ANGELES - The Walt Disney Company will pay Comcast’s NBCUniversal nearly $439 million for its remaining stake in Hulu, ending a years-long appraisal process and giving Disney full control of the streaming platform.

The final price — $438.7 million — was determined after independent appraisers failed to agree on the company’s valuation. While Disney’s appraiser estimated a figure below the minimum guaranteed value, Comcast’s appraiser placed Hulu’s worth well above it. A third appraiser was brought in to settle the matter.

Disney had already been operating Hulu since 2019, when Comcast agreed to relinquish its management role and become a silent partner. The two companies had agreed that Disney would eventually purchase Comcast’s 33% stake, with the value tied to a $27.5 billion floor valuation established at the time.

"This is finally resolved," said Disney CEO Bob Iger in a statement. "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."

The transaction is expected to close by July 24. According to Disney’s filing, it is not expected to impact the company’s fiscal 2025 adjusted earnings forecast.

How did Disney end up owning all of Hulu?

The backstory:

Hulu launched in 2007 as a joint venture between major entertainment companies, including NBC, Fox, and later Disney, which joined in 2009. Originally designed as a way to distribute television programming online, the service gained traction with audiences by offering next-day access to network TV shows and eventually pivoted into original content and live TV bundles.

Disney took a controlling stake in Hulu in 2019 after acquiring 21st Century Fox, which previously held a major share. Comcast ceded day-to-day control of Hulu at that point but retained its ownership stake — which it agreed to sell by 2024 at a valuation determined by an appraisal process.

The finalized price of $438.7 million represents the final settlement of that deal and marks the end of Comcast’s involvement with Hulu.

What they're saying:

"We are pleased this is finally resolved. We have had a productive partnership with NBCUniversal, and we wish them the best of luck," Iger said.

Comcast has not publicly commented on the final appraisal outcome but previously indicated it would use proceeds from the Hulu sale to fund its own streaming and broadband initiatives.

What Disney’s Hulu buyout means for the future of streaming

Why you should care:

Disney now holds full ownership of Hulu at a time when it is reshaping its streaming ecosystem. 

With ESPN’s standalone streaming service expected to launch soon, and Disney+ continuing to serve as the hub for its family and franchise content, Hulu’s general entertainment catalog is likely to become even more integrated across Disney platforms — a move that could reshape the U.S. streaming market.

What's next:

The Hulu acquisition is expected to formally close by July 24. Viewers may begin seeing tighter integration between Hulu, Disney+, and ESPN’s streaming products later this year as Disney moves toward a unified streaming experience.