Walt Disney closes deal to fully acquire Hulu

Walt Disney (NYSE:DIS) said on Monday that it has closed its deal to fully acquire Comcast’s (NASDAQ:CMCSA) stake in Hulu, providing the Mouse House with 100% ownership in the streaming entity.

Disney is paying $438.7M to Comcast to acquire the remaining stake in Hulu, the Burbank, Calif.-based company said in a filing with the Securities and Exchange Commission. The $438.7M is far less than the investment bank that Comcast had hired had valued the remaining Hulu stake at.

“The final equity fair value, which was completed on June 9, 2025, takes into account the valuation of a third appraiser, which if it had been equal to or below the guaranteed floor value would have resulted in no additional amount payable to NBCU and if it had been consistent with the NBCU’s appraiser’s valuation would have resulted in an additional amount of approximately $5 billion payable to NBCU as its share of the difference between the equity fair value and the guaranteed floor value,” Disney said in the filing.

The acquisition of NBCU’s interest in Hulu will close on or before July 24, 2025, Disney added in the filing.

“We are pleased this is finally resolved,” Disney CEO Bob Iger said in a statement. “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.”

Disney had previously paid $8.61B to Comcast in December 2023 for the one-third stake in Hulu. That represented a valuation floor of $27.5B, agreed upon in 2019, when Disney and Comcast concurred that Disney would fully take control of Hulu.