• Loading stock data...
Monday, September 29, 2025

Disney’s Hulu Takeover Sets Stage for Deeper ESPN Integration

Hulu is one of the veterans of the streaming space, and after years of oft-changing and complex ownership structures, Disney is set to control all of it. 

Winslow Townson-Imagn Images

Disney is set to own all of Hulu, advancing its already aggressive streaming interests further, but the process to get there was anything but straightforward.

The ESPN parent company said it has reached an agreement with NBC Sports parent Comcast to acquire the 33% of the general-interest streamer it doesn’t already own, and will pay an additional $438.7 million for that equity. Set to close next month, the agreement will give Disney full control of the bundle of Disney+, Hulu, and ESPN+ that is currently the foundation of its streaming presence. 

Getting to the final price, however, required a third-party valuation. After originally striking the deal in 2019, Disney paid Comcast’s NBCUniversal about $8.6 billion in late 2023, reflecting a guaranteed floor valuation of $27.5 billion for all of Hulu, minus NBCUniversal’s unpaid capital call contributions. 

The remaining question was how much more in fair market value Disney would need to pay to complete the agreement. An NBCUniversal appraiser submitted a valuation that would have required Disney to make an additional payment of about $5 billion, suggesting a total valuation of Hulu at nearly $40 billion. Disney, conversely, “arrived at a valuation below the guaranteed floor value,” the company said. Ultimately, the final payment took into account the valuation of a third appraiser.

Long and Winding Road

Hulu began in 2007 as an early player in a still-nascent streaming market, and initially as a joint venture between News Corp. and NBCUniversal, which was not yet owned by Comcast. Over the years, several different ownership structures for Hulu emerged, including with Disney, but those partnerships ultimately faded as each major media company pursued its own streaming strategy. 

That separation then became intertwined with the lengthy Hulu valuation process. The service is now home to hit series such as Only Murders in the Building

“Hulu was a great start for us in streaming that generated nearly $10 billion in proceeds for Comcast and created an important audience for NBCUniversal’s world-class content,” Comcast said in a statement. “We wish Disney well with Hulu.”

Disney had already placed some of its sports content within Hulu to reach a broader audience, and more such efforts are likely as the company’s streaming platforms become more interwoven with one another.

“We are pleased this is finally resolved. We have had a productive partnership with NBCUniversal, and we wish them the best of luck,” said Disney CEO Bob Iger in a statement. “Completing the Hulu acquisition paves the way for a deeper and more seamless integration of Hulu’s general entertainment content with Disney+, and, soon, with ESPN’s direct-to-consumer product, providing an unrivaled value proposition for consumers.”

To that latter point, the Hulu agreement also arrives as ESPN draws closer to debuting that DTC streaming service around the start of the college and pro football seasons. Upon unveiling pricing and other details for the service, ESPN executives said they are looking at the critical and much-anticipated effort holistically, including across its other Disney services.

“We are not going to look at one specific platform,” said ESPN chairman Jimmy Pitaro. “We want to be available across platforms, across price points.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

MLB National TV Ratings Rise by Double Digits in 2025

The league posts audience increases across national and local television.
exclusive

Chris Haynes, Marcus Thompson Join Amazon Prime NBA Team

Haynes is an NBA insider, while Thompson is a reporter and columnist

Paramount+, CBS Land Dana White’s Zuffa Boxing in 5-Year Deal

The CBS Sports parent company expands its relationship with TKO Group Holdings.

Ryder Cup Chaos: Europe Holds On for Win Amid U.S. Fan Ugliness

Fan taunts and palpable tensions mark the high-profile event.

Featured Today

Kōloa Rum Company Rum Rusher

Panthers Bubbly, Jets Wine, Manning Whiskey: The Sports Booze Boom

A sommelier dives into the sports booze trend—and tries Jets wine.
Nov 17, 2024; Pittsburgh, Pennsylvania, USA; Pittsburgh Steelers fans wave Terrible Towels against the Baltimore Ravens during the fourth quarter at Acrisure Stadium
September 26, 2025

Steelers’ Irish Roots Are Deeper Than NFL Dublin Game

The Steelers have history and the foundation for a future in Ireland.
FARMINGDALE, NY - SEPTEMBER 23: Rory McIlroy of Team Europe hits out of the rough on the first hole during the 2025 Ryder Cup at Bethpage State Park on Tuesday, September 23, 2025 in Farmingdale, New York.
September 25, 2025

Ryder Cup in New York: Record-Setting Hopes and Fan Concerns

Organizers anticipate record attendance and revenue, but worry remains about fan behavior.
FARMINGDALE, NY - SEPTEMBER 22: Cameron Young of Team USA hits his tee shot on the third hole during the 2025 Ryder Cup Practice Round at Bethpage State Park on Monday, September 22, 2025 in Farmingdale, New York.
September 23, 2025

U.S. Ryder Cup Players Will Be Paid. Not Everyone Is Pleased

Americans are receiving a $200,000 stipend, and not everyone is pleased.
Green Bay Packers wide receiver Christian Watson (9) pulls down a touchdown reception against Dallas Cowboys cornerback DaRon Bland (26) in the fourth quarter during their football game Sunday, November 13, at Lambeau Field in Green Bay, Wis.

Packers-Cowboys Game Is Getting Super Bowl–Like NBC Treatment

The network will bring its pregame show to Dallas.
September 17, 2025

Fever Ratings Fall Without Clark, but Rest of WNBA Game 1s Surge

The Indiana Fever game drew 47% fewer viewers this year.
Sep 18, 2025; College Park, Georgia, USA; Indiana Fever forward Aliyah Boston (7) reacts as the Fever defeat the Atlanta Dream during game three of round one for the 2025 WNBA Playoffs at Gateway Center Arena at College Park.
September 19, 2025

Fever Upset of Dream Brings Ratings Boost to WNBA Semis

The Indiana Fever will face the Las Vegas Aces in the semifinals.
Sponsored

How Soccer Star Jozy Altidore Became a Buffalo Bills Owner

Jozy Altidore discusses building a business legacy off the field.
Sep 14, 2025; Kansas City, Missouri, USA; Philadelphia Eagles wide receiver DeVonta Smith (6) makes a reception defended by Kansas City Chiefs cornerback Trent McDuffie (22) during the fourth quarter of the game at GEHA Field at Arrowhead Stadium.
September 16, 2025

Eagles-Chiefs Super Bowl Rematch Sets Early NFL TV Ratings Mark

Several new milestones are established with the big early-season matchup.
exclusive
September 16, 2025

ESPN, Fox One Added 1M Sign-Ups in First 10 Days After Launch

The two high-profile streaming services have strong starts with consumers.
Greg Olsen
September 16, 2025

Greg Olsen on Tom Brady’s Raiders Role: ‘More Power to Him’

This season, the NFL has relaxed the special Brady broadcasting rules.
Jul 27, 2025; Chicago, Illinois, USA; Injured Indiana Fever guard Caitlin Clark (22) looks on from the bench during the first half of a basketball game against the Chicago Sky at United Center.
September 15, 2025

WNBA Ratings Rise 3% in 2025 Despite Clark’s Absence

Caitlin Clark played in just 13 of 44 regular-season games.