Disney has announced that it will take complete control of streaming competitor Hulu after purchasing Comcast's one-third stake this week. It's owned the other two-thirds since acquiring 21st Century Fox in 2019.
"The acquisition of Comcast's stake in Hulu at fair market value will further Disney's streaming objectives," Disney stated in a press release.
The purchase, valued at approximately $8.6 billion USD, is expected to be completed by December 1, barring any change in assessed fair market value by third-party experts.
"We look forward to the appraisal process and the determination of Hulu's fair market value, which we expect will reflect the extraordinary value of the business," Comcast reps said in a statement of its own.
Of late, both Disney+ and Hulu have been limiting their value to consumers by introducing ad-supported tiers and cracking down on password sharing.
It remains to be seen whether Disney will opt to merge the two platforms with all of their content once the deal goes through, and what that platform will look like.
"The acquisition of Comcast's stake in Hulu at fair market value will further Disney's streaming objectives," Disney stated in a press release.
The purchase, valued at approximately $8.6 billion USD, is expected to be completed by December 1, barring any change in assessed fair market value by third-party experts.
"We look forward to the appraisal process and the determination of Hulu's fair market value, which we expect will reflect the extraordinary value of the business," Comcast reps said in a statement of its own.
Of late, both Disney+ and Hulu have been limiting their value to consumers by introducing ad-supported tiers and cracking down on password sharing.
It remains to be seen whether Disney will opt to merge the two platforms with all of their content once the deal goes through, and what that platform will look like.