The Walt Disney Company has taken full operational control of Hulu, The Walt Disney Company and Comcast Corporation announced on Tuesday.
The companies said in a press release that as early as January 2024 Comcast can require Disney to buy NBCUniversal's 33% interest in Hulu and Disney can require NBCUniversal to sell that stake to Disney for its fair market value at that future time. Disney has guaranteed a sale price that represents a minimum total equity value of $27.5 billion.
The deal also includes an agreement for both corporations to fund Hulu's recent purchase of AT&T Inc.'s 9.5% interest in Hulu.
The move, which takes place effectively immediately, means Disney will once again extend the reach of its streaming abilities. The news comes just a month after Disney announced that its upcoming streaming service for Disney content, Disney+, would become available in November. That service will offer the full Disney library, including Marvel, Pixar and Star Wars content.
The Associated Press contributed to this report. This is a developing story. Check back for updates.