Disney to buy remaining Hulu stake from Comcast in widely expected move

Disney to buy remaining Hulu stake from Comcast in widely expected move


Rafael Henrique | SOPA Images | LightRocket | Getty Images

Disney said Wednesday that it had agreed to buy Comcast‘s one-third stake in streaming service Hulu, a long-expected outcome.

Disney said it expects to pay Comcast’s NBCUniversal about $8.61 billion by Dec. 1, reflecting the guaranteed minimum value of $27.5 billion for the streaming service the two sides agreed upon in 2019.

Disney could pay more based on Hulu’s equity value as of Sept. 30. The company said the appraisal process should wrap up some time next year.

Originally, Disney and Comcast had set a deadline to resolve Hulu’s ownership by January. In September, the rival media giants moved up that deadline, effectively acknowleding the outcome announced Wednesday.

Disney already sells Hulu as part of a streaming bundle with its Disney+ and ESPN+ products.

Read the full release from Disney.

Disclosure: Comcast’s NBCUniversal is the parent company of CNBC.

This is breaking news. Please check back for updates.



Source

Discount grocer Aldi plans to open more than 180 stores in U.S. this year as customers across incomes seek value
Business

Discount grocer Aldi plans to open more than 180 stores in U.S. this year as customers across incomes seek value

As Americans across incomes look to trim the grocery budget, Aldi plans to open more than 180 stores in the U.S. this year — including on the traditional turf of rival supermarkets and big-box stores. The German grocer’s latest growth plans follow an already aggressive expansion over the past decade. Aldi, which is known for […]

Read More
Abercrombie & Fitch shares plunge 17% as retailer cuts its holiday guidance
Business

Abercrombie & Fitch shares plunge 17% as retailer cuts its holiday guidance

Some retailers provided early holiday results on Monday that showed the crucial shopping season was solid, but didn’t blow away expectations.  Lululemon, which is preparing for a new CEO and staring down a proxy battle with its founder, said in a release it expects its holiday quarter to be “toward the high end” of its […]

Read More
JPMorgan’s looming question: What happens when CEO Jamie Dimon leaves?
Business

JPMorgan’s looming question: What happens when CEO Jamie Dimon leaves?

As Wall Street’s top bankers huddled in New York last month, preparing to convince Elon Musk’s SpaceX that they should be chosen to lead its upcoming IPO, one firm wasn’t letting its star advisor miss the bake-off. Among the squad of JPMorgan Chase investment bankers flying 2,500 miles west to California to pitch SpaceX was […]

Read More
Powered by WordPress | WP Magazine by WP Mag Plus