Hulu still looks likely to end up at Disney, despite some who still see NBCU fit
Tommaso Boddi

The ultimate fate of ownership of Hulu (NYSE:DIS) (NASDAQ:CMCSA) is a question that continues to hang in the air, with a likely 2024 decision on Comcast's (CMCSA) stake still looking like the key catalyst for where the major streaming service comes to rest.
Hulu was owned by four media companies at one point - Fox and Time Warner in addition to Disney and Comcast - but as the ownership consolidated to two, an unusual 2019 deal provided for Comcast to sell Disney its remaining one-third stake as soon as 2024, and Disney guaranteed the price would value Hulu at at least $27.5B.
Since 2019, though, the presumed value of Hulu has fluctuated amid sweeping change to the streaming environment. Three years ago, Comcast (CMCSA) weighed whether to instead try to take Hulu over from Disney - and some executives still think Hulu is a better fit at NBCUniversal.
Comcast CEO Brian Roberts has historically pushed to keep Hulu close to his company, and broached the idea of Comcast taking over when Disney bought out Fox's media assets. And while many at Comcast would still like to take over, most observers believe Disney will end up going through with handing a massive check over within a couple of years.
Complicating the question are the changing fates of various streaming services. Comcast (CMCSA) has seen only modest uptake for its Peacock streaming service, which is far behind Hulu in terms of subscribers. Disney (DIS), meanwhile, has built a giant subscriber base for Disney+ and has been integrating general-entertainment content overseas, and is set to launch its ad-supported Disney+ in December, muddying the distinctions with Hulu.
During the pandemic, Hulu valuation hit about $60B, suggesting Comcast would eventually be in for roughly a $20B payment from Disney, CNBC reported. That's come down, but Comcast still values Hulu at up to $50B - significantly higher than the guaranteed minimum $27.5B valuation.
And Disney's actions to cut subscriber guidance and boost prices - moves in support of its streaming bundle and average revenue per user - have sent a signal to Comcast, CNBC notes, that it continues to see Hulu in its streaming future.