Disney has agreed to take full control of Hulu in a deal with Comcast, which has so far owned a third of the streamer.
“The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” the Bob Iger-led company said in a statement on Wednesday.
Wall Street has over the past year repeatedly discussed Hulu’s future due to its shared ownership and put and call options. Starting in November, Comcast has had a put option to require Disney to take over its stake, while Disney has had the right to tell Comcast to sell it its stake. As per an agreement between the two companies, Hulu was set to get a fair market value assessment from independent experts, but the guaranteed minimum Hulu valuation of $27.5 billion means that Disney knew it had to cough up at least $9 billion. In the filing Wednesday, Disney said that it expects to pay $8.61 billion, though it will go through the appraisal process to determine the final number.