Does Disney own Hulu? A complete look at Hulu’s 100% ownership and future integration

The question “Does Disney own Hulu?” has evolved rapidly over the last few years, reflecting the intense consolidation occurring in the streaming wars. If you previously heard that Disney held only a majority stake, that information is now outdated.

The definitive answer, as of mid-2025, is a resounding YES, The Walt Disney Company now owns 100% of Hulu.

This final step in the acquisition saga—concluding the long-standing joint venture with Comcast (NBCUniversal)—marks a pivotal moment. Full Disney ownership is not just a financial transaction; it is the ultimate driver behind major changes to Hulu’s content, technology, and branding, signaling a clear path toward its deeper integration within the Disney+ ecosystem.

Phase 1: Hulu’s complex origins and early ownership (2007–2019)

Hulu’s unusual initial structure explains why its ownership was a question for so long. Launched in 2007, Hulu was initially designed not by a single company, but as a joint venture, making it unique among major streaming apps.

1. The original joint venture

Hulu’s foundation was a collaboration between three giant media conglomerates:

• NBCUniversal (owned by Comcast)
• Fox Entertainment
• Disney-ABC Television Group

This shared ownership allowed Hulu to instantly command a vast and diverse content library—including next-day access to broadcast shows—that no single competitor could match. Its initial success was built on this “content parity” where major networks shared a platform.

2. Disney’s entry and majority stake

Disney’s control over Hulu began to solidify in two major steps:

• 2019: The 21st Century Fox Acquisition: When Disney finalized its massive acquisition of 21st Century Fox, it automatically absorbed Fox’s roughly 30% stake in Hulu. Combined with its existing share, this instantly granted Disney a 60% controlling interest.
• 2019: Acquiring AT&T’s Stake: Disney quickly bought the remaining stake held by AT&T (WarnerMedia), pushing its total ownership to approximately 67%. This confirmed Disney as the majority shareholder and gave it immediate operational control over Hulu’s day-to-day decisions.

At this point, Comcast remained the only other shareholder, holding a 33% minority stake.

Phase 2: the final countdown: full ownership acquired (2019–2025)

The 2019 deal with Comcast included a “put/call” option, which allowed either company to trigger the sale of Comcast’s remaining 33% stake as early as January 2024, at a guaranteed minimum valuation of $27.5 billion for the entire company.

1. Triggering the buyout

In November 2023, Comcast formally exercised its right (the “put” option) to sell its share, forcing Disney to purchase the final 33%. This process led to an independent appraisal to determine Hulu’s final “fair market value.”

2. The final price and resolution

The valuation process, which extended into 2024 and 2025, determined the final price.

• Initial Payment: In late 2023, Disney paid Comcast $8.61 billion (representing one-third of the $27.5 billion guaranteed minimum value).
• Final Arbitration: After arbitration, Disney agreed to pay an additional sum to Comcast, bringing the total cost for the final 33% to roughly $9 billion.

The deal was officially finalized around July 2025, granting The Walt Disney Company 100% complete ownership of the Hulu streaming service.

3. The end of operational conflict

With the deal closed, Disney no longer has to negotiate strategy, investment, or international expansion with Comcast. This legal freedom is the catalyst for the next phase of Hulu’s life.

Phase 3: what 100% ownership means for Hulu subscribers

The full acquisition is not merely an accounting change; it directly impacts the consumer experience by changing content, technology, and branding.

1. Content consolidation and maturity

Hulu’s primary role in the Disney ecosystem is to serve as the General Entertainment brand, particularly for content targeting mature audiences (PG-13 and R-rated) that would not fit the family-friendly mold of Disney+.

• Seamless Integration: Following the acquisition, Disney accelerated plans to deeply integrate Hulu content into the Disney+ app itself. Users who subscribe to the Disney Bundle can now access a Hulu content hub directly within the Disney+ interface, blurring the lines between the two apps.
• Content Migration: Expect less third-party content (like shows from NBCUniversal’s Peacock) as licensing agreements expire. Hulu’s library will focus overwhelmingly on Disney-owned properties, including shows from FX, ABC, 20th Century Studios, and exclusive Hulu Originals.

2. Technological unification and brand strategy

The separate Hulu app, which has operated since 2007, is now slated for major changes as Disney seeks to streamline its technology.

Aspect	Pre-2025 (Joint Venture)	Post-2025 (Full Disney Ownership)
App Strategy	Two separate apps (Hulu and Disney+)	Plans to phase out the standalone Hulu app by 2026, transitioning to a unified Disney+ platform.
International Expansion	Blocked by Comcast; International content under Star brand.	Hulu brand replaces Star on Disney+ internationally (starting late 2025), becoming Disney’s global home for general entertainment.
Hulu + Live TV	Managed by Hulu, competing with other Live TV providers.	Disney announced plans for a strategic joint venture, potentially merging the Live TV business with a company like FuboTV to focus Hulu purely on VOD (Video On Demand) content.

3. The strength of the Disney bundle

The Disney Bundle (Disney+, Hulu, and ESPN+) is now Disney’s primary weapon in the streaming wars. With full ownership, Disney can:

• Control Pricing: Easily adjust the bundle price without needing partner approval.
• Reduce Churn: A combined, unified app experience increases user engagement and makes it harder for subscribers to cancel one component without losing access to all three.

Conclusion

The question, “Does Disney own Hulu?” is no longer ambiguous. Disney owns 100% of Hulu as of mid-2025, officially concluding the multi-year buyout saga with Comcast. This total control enables Disney to execute its vision: transforming Hulu from a competing joint venture into a fully integrated, mature-audience content brand that will eventually reside within the enhanced, unified Disney+ application.

For subscribers, this means a more cohesive viewing experience, increased access to Disney-owned general entertainment, and continuous evolution in the streaming landscape.