Disney Will Soon Own All of Hulu

Disney on Wednesday announced a deal for it to purchase Comcast's one-third stake in Hulu, which would give Disney full ownership of the streaming service. The move is a long-expected one, CNBC reports, and Disney CEO Bob Iger had hinted in recent months that it could be imminent, CNN reports. "The acquisition of Comcast's stake in Hulu at fair market value will further Disney's streaming objectives," Disney said in a statement. An appraisal will be done to determine Hulu's fair market value, but Disney is expected to pay $8.61 billion. The deal is expected to close next year, per the Hollywood Reporter.

Disney, which already sells its Disney+ and ESPN+ streaming platforms in a bundle alongside Hulu, is looking to "quickly transition from the linear television business to streaming," per CNN. And Hulu, while it started as a joint venture between media groups including 21st Century Fox, Comcast, and Time Warner (some of which now have their own individual streaming platforms), has continued to grow as its own entity. Its original series include such popular titles as The Handmaid's Tale, The Bear, and Reservation Dogs. Back in May, Iger noted on an earnings call, "It's clear that a combination of the content that is on Disney+ with general entertainment is a very positive, is a very strong combination from a subscriber perspective." (More Disney stories.)