Comcast Corp. is likely to sell its 33% stake in Hulu to Walt Disney Co. in early 2024, according to a report by CNBC. The deal would value Hulu at more than the $27.5 billion valuation floor that the companies set in 2019.
Comcast CEO Brian Roberts said in an interview with CNBC that the company is in “constructive” talks with Disney about a potential sale. He said that Comcast is not actively seeking to sell its stake in Hulu, but that it is open to a deal if the price is right.
Disney has been looking to acquire full control of Hulu for several years. The company already owns a 66% stake in Hulu, and it has been investing heavily in the streaming service. Disney CEO Bob Iger said last week that he expects Hulu to reach 50 million subscribers by the end of 2024.
A sale of Comcast’s stake in Hulu would give Disney a controlling interest in the streaming service. It would also allow Disney to consolidate its streaming assets under one roof. Disney already owns the streaming services Disney+ and ESPN+.
The sale of Comcast’s stake in Hulu is the latest move in the ongoing consolidation of the streaming market. In recent years, several major media companies have launched their own streaming services in an effort to compete with Netflix. The market is expected to continue to consolidate in the coming years, as smaller players are either acquired or forced to exit the market.
The sale of Comcast’s stake in Hulu is a significant development in the streaming market. It is a sign that Disney is serious about competing with Netflix, and it is a reminder that the streaming market is still very much in flux.
