Comcast Corp. will receive over $9 billion from selling its 33% Hulu stake to The Walt Disney Co., finalized after a lengthy appraisal process, Disney disclosed in an SEC filing.
A third appraiser set the additional payment at $438.7 million, on top of the $8.61 billion floor price paid in December 2023. Comcast, through NBCUniversal, confirmed the sale price, noting Hulu’s role in generating significant proceeds and supporting NBCU’s content reach. The deal, stemming from a 2019 agreement allowing Disney to buy Comcast’s stake at market value (minimum $27.5 billion), is set to close by July 24.
Comcast’s Morgan Stanley appraisal valued Hulu higher than Disney’s J.P. Morgan estimate, which fell below the floor value, triggering the third appraisal.
Had Comcast’s valuation prevailed, Disney would have paid an additional $5 billion. Comcast CEO Brian Roberts emphasized Hulu’s increased value since the 2019 agreement. Hulu, launched in 2007 as a joint venture, will now be wholly owned by Disney. Meanwhile, Comcast is focusing on its Peacock platform, with 41 million subscribers but a $1.8 billion loss in 2024, bolstered by major investments like $2.5 billion annually for NBA and WNBA rights.
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