The Walt Disney Company on Wednesday announced that it will purchase Comcast’s remaining stake in Hulu for USD 8.61 billion. This represents Comcast’s 33 percent stake, completing its takeover of Hulu.
“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.”
However, Disney might pay more than that the estimated amount. Both Disney and Comcast agreed on to appraisal process and will evaluate Hulu’s equity fair value as of September 30, 2023.
“…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.”
The entertainment giant says that the timing of the appraisal process is “uncertain”, but Disney anticipates it to be completed by 2024.
In a press release, Disney says this move will further the company’s streaming objectives.
The company previously reported in August that Disney+ lost over 10 million subscribers in large part due to the Indian market.
Meanwhile, its rival, Netflix as it cracked down on password sharers, its subscriber base grew to 247 million in the recently ended quarter.
Netflix claims its ad-supported offering was already gaining traction in the US, contributing to its positive subscriber reach.
Disney+ also introduced an ad-supported tier in the US, and Disney’s upcoming earnings call will provide insight whether it achieves the same traction as Netflix does.
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