Disney is one step closer to full ownership of Hulu. In a newly disclosed development, Disney has agreed to pay an additional $438.7 million to Comcast’s NBCUniversal to complete the acquisition of the remaining one-third stake in Hulu. The price was determined by an independent appraisal process triggered earlier this year.

According to Disney’s recent SEC filing, the company expects to close the deal by July 24, 2025, marking the end of a multi-year ownership transition that began with the original buyout agreement in 2019.

The additional payment brings Disney’s total buyout cost to more than $9 billion, solidifying its control over Hulu’s technology, content library, and customer base — assets that are expected to be deeply integrated with Disney+. The company has already taken operational control of Hulu, but this move finalizes the financial and legal consolidation.

Under the terms of the original agreement, Disney and Comcast entered a “put/call” deal in 2019, allowing either party to trigger the sale of Comcast’s minority stake in 2024. The two companies entered arbitration over Hulu’s valuation earlier this year, resulting in the $438.7 million adjustment above Disney’s initial payment.

A Disney spokesperson told the Hollywood Reporter that the company is “pleased with the outcome” and looks forward to Hulu’s continued role in its streaming portfolio. Comcast has also confirmed it will recognize a gain on the deal in its Q3 financials.

INSIDER TAKE

This long-anticipated move clears the final hurdle in Disney’s full acquisition of Hulu — and offers several key signals for subscription leaders:

• Valuation matters. The arbitration process added nearly half a billion dollars to the original estimate, underlining the complexity of valuing maturing subscription assets, especially amid shifting audience trends and bundling strategies.
• Integration is imminent. Disney has already begun integrating Hulu content into Disney+ in the U.S., and full ownership will allow for deeper product unification, consolidated user experience, and more flexible pricing models.
• Streaming consolidation continues. This is another example of platform consolidation as a growth and retention strategy. Instead of operating siloed services, Disney is positioning Hulu as a critical pillar of its broader DTC ecosystem — an approach also seen in Netflix’s gaming efforts and Warner Bros. Discovery’s Max service.
• Strategic flexibility. With 100% ownership, Disney now has more freedom to restructure Hulu’s pricing, features, or even licensing terms without outside negotiation. This could pave the way for new bundles, advertising models, or subscription tiers in late 2025 or early 2026.

For subscription executives, the Hulu deal is more than a media headline — it’s a case study in valuation, arbitration risk, product consolidation, and long-term customer lifetime value strategy.