Disney Buying Remaining Stake in Hulu

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The Walt Disney Company is acquiring the 33 percent stake in Hulu held by Comcast Corporation’s NBCUniversal (NBCU).

Under the terms of the put/call arrangement, by December 1, Disney expects it will pay NBCU approximately $8.61 billion, representing NBCU’s percentage of the $27.5 billion guaranteed floor value for Hulu that was set when the companies entered into their agreement in 2019, minus the anticipated outstanding capital call contributions payable by NBCU to Disney.

Under the appraisal process agreed to by Disney and Comcast, Hulu’s equity fair value will be assessed as of September 30, and if the value is ultimately determined to be greater than the guaranteed floor value, Disney will pay NBCU its percentage of the difference between the equity fair value and the guaranteed floor value.

While the timing of the appraisal process is uncertain, it is anticipated it should be completed during the 2024 calendar year.