Report Overview


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Disney gets the final piece of Hulu


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Disney announced that it would acquire Comcast’s 33% share of Hulu in a put/call agreement that can be enacted by either party from January 2024, while taking full operational control of the vehicle immediately
Under the agreement Disney will pay Comcast a minimum of $9 billion for its current stake, provided Comcast fulfils agreed capital calls, which going forward would be just over $500 million/year 
Disney secured the continued licensing of NBCUniversal content for Hulu, contributing about 30% of Hulu’s library, but Comcast can loosen obligations to Hulu for the launch of its own SVOD service in 2020

Contents

From Disney’s point of view

From Comcast’s point of view

Future relationships

List of charts/tables

Figure 1. Expected operating losses ($m)

Figure 2. Estimated hours of content on Hulu (SVOD), by partner, July 2018