The Walt Disney Company today announced it will pay an additional $438.7 million to acquire NBCUniversal’s 33% ownership stake in the streaming platform Hulu. This payment supplements the $8.6 billion Disney already paid NBCUniversal in 2023 as part of the ongoing acquisition process.
The additional payment was disclosed in a filing with the U.S. Securities and Exchange Commission and is pursuant to the contractual appraisal process, which concluded on June 9, 2025. Disney confirmed the transaction is expected to close on or before July 24, 2025.
Bob Iger, CEO of Disney, said, “We are pleased this matter is finally resolved. This acquisition paves the way for deeper integration of Hulu’s general entertainment content with Disney+ and, soon, ESPN’s direct-to-consumer services, offering unparalleled value to consumers.”
Disney first took control of Hulu in May 2019 through a complex deal valuing the platform at a minimum of $27.5 billion. The $8.6 billion payment made in late 2023 reflected the guaranteed floor value after accounting for NBCUniversal’s unpaid capital call contributions.
The appraisal process revealed differing valuations, with Disney’s appraiser valuing Hulu below the guaranteed floor, while NBCUniversal’s appraiser valued it substantially higher. A third-party appraiser’s valuation ultimately determined the additional payment amount.
The original 2019 agreement included a put-call arrangement, allowing NBCUniversal’s parent company Comcast to require Disney to purchase the stake as early as 2024, while also granting Disney the right to compel NBCUniversal to sell.
Disney’s initial ownership in Hulu was acquired through the 2018 acquisition of 21st Century Fox’s entertainment assets, a $71.3 billion cash-and-stock deal that followed Comcast’s withdrawal from the bidding process.
