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Disney Completed Its Buyout of Comcast’s Hulu Stake—Here’s What the Deal Means

Disney’s 2026 proxy confirms the Hulu stake buyout. The appraisal process led to an additional $438.7 million payment, but official documents reviewed do not name the exact closing date.
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Yes. Disney’s 2026 proxy statement confirms that it acquired Comcast subsidiary NBCUniversal’s remaining 33% interest in Hulu after a valuation dispute. The appraisal process concluded on June 9, 2025, when Disney said it owed NBCUniversal an additional $438.7 million on top of the approximately $8.6 billion it had paid in December 2023. Disney had set a July 24, 2025 deadline to close, but the reviewed documents do not specify the exact closing date.

What Disney bought and why the deal took time

The deal covered NBCUniversal’s 33% stake in Hulu, not a purchase of the entire service from scratch. In 2019, Disney and Comcast agreed to a put/call arrangement that set a guaranteed floor value of $27.5 billion for Hulu. Under that arrangement, NBCUniversal could require Disney to buy its interest. NBCUniversal exercised that right on November 1, 2023, starting the buyout process. Disney’s 2023 announcement described the arrangement and the exercise of the right.

The parties disagreed over Hulu’s valuation. Disney’s appraiser valued the service below the contractual floor; NBCUniversal’s appraiser valued it substantially above the floor. The agreement’s appraisal process then turned to a third appraiser. Disney announced the result on June 9, 2025, saying the process had concluded and an additional $438.7 million was payable to NBCUniversal. The company’s SEC filing dated June 9, 2025 explains the result and payment.

How much Disney paid for the stake

Amount What it represents
$27.5 billion The guaranteed floor value for Hulu under the 2019 put/call arrangement, as described by Disney in 2023.
Approximately $8.6 billion The amount Disney reported paying NBCUniversal in December 2023, net of NBCUniversal’s unpaid capital-call contributions.
$438.7 million The additional amount Disney said was payable after the appraisal process concluded in June 2025.

The approximately $8.6 billion was an initial payment toward NBCUniversal’s share, not the full final amount. Disney’s 2023 announcement put the expected payment at approximately $8.61 billion; its 2025 filing later reported the payment as approximately $8.6 billion.

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Disney also described a hypothetical outcome in which the third appraiser’s result aligned with NBCUniversal’s appraiser, which would have meant about $5 billion more was payable. That was a counterfactual scenario, not the amount ultimately reported as due. The final additional amount Disney disclosed was $438.7 million.

When the Hulu buyout closed

Disney said the acquisition would close on or before July 24, 2025. Its 2026 proxy statement later refers retrospectively to the Comcast stake as acquired, confirming that the transaction was completed. However, the reviewed official documents do not identify the precise closing day; June 9, 2025, was the date Disney announced the appraisal result, not a stated closing date. Disney’s 2026 proxy statement confirms the acquisition without specifying its exact closing date.

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Why the ownership change matters to Disney

Disney CEO Robert A. Iger said the acquisition would allow deeper integration of Hulu’s general-entertainment content with Disney+ and, in time, ESPN’s direct-to-consumer service. That is Disney’s stated strategic rationale; it does not by itself establish what changes subscribers will see or when. The transaction resolves ownership of NBCUniversal’s stake, while any product, bundle, or app changes are separate matters.

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