Hulu has long been a unique and highly competitive player in the streaming landscape, historically defined by its complex joint ownership structure. For years, the platform’s content, strategy, and business decisions were a reflection of a powerful media partnership, primarily between The Walt Disney Company and Comcast’s NBCUniversal. However, the ownership narrative has reached its definitive conclusion. The answer to “Who owns Hulu?” is now clear and singular: The Walt Disney Company has finalized the acquisition of Comcast’s remaining stake, making Disney the sole and 100% owner of Hulu.
This landmark consolidation, completed in 2025, marks the end of Hulu’s multi-partner era and signals a pivotal shift in the global streaming industry, paving the way for full integration with Disney’s other direct-to-consumer services. Understanding the timeline and the financial details of this transition is key to grasping Hulu’s strategic future.
Hulu was born from a powerful media collaboration in 2007, originally intended as a joint venture to challenge emerging digital platforms like YouTube and deliver premium television content online. The initial founding partners were giants of the media world: NBCUniversal, News Corporation (later 21st Century Fox), and The Walt Disney Company (joining in 2009).
This multi-owner model immediately set Hulu apart, allowing it to aggregate a vast, diverse library of current content from major network sources, which became its defining early feature. For example, the combined forces of NBC and Fox content allowed Hulu to offer next-day streaming of popular series, making it indispensable for TV viewers who wanted to “cut the cord” but not miss their favorite shows. The initial complex structure, while successful in building the platform, eventually became a hurdle as the streaming landscape matured, setting the stage for the dramatic ownership evolution that followed.
The path to Disney’s full control was a multi-year process fueled by massive media mergers and strategic corporate decisions. A major turning point occurred in 2019 when The Walt Disney Company acquired the majority of 21st Century Fox’s entertainment assets in a massive deal. Crucially, this acquisition automatically transferred Fox’s stake in Hulu to Disney, instantly granting Disney a controlling ownership interest of approximately 67% of the platform.
At that time, the ownership breakdown was approximately:
Following the 2019 agreement, Comcast ceded operational control of Hulu, effectively becoming a silent financial partner. The two companies established a “put/call” agreement, which allowed either Disney to force a purchase or Comcast to force a sale of the remaining 33% stake as early as January 2024. This agreement guaranteed a minimum total equity valuation for Hulu of $27.5 billion, meaning Comcast’s 33% stake was guaranteed to be worth at least $8.61 billion. This transition period allowed Disney to begin integrating Hulu into its broader streaming strategy while Comcast remained financially involved until the final sale.
The anticipated full buyout by Disney was formalized in 2025, concluding a multi-year valuation process. In late 2023, Disney made an initial payment of $8.61 billion to Comcast, representing the guaranteed minimum value for the 33% stake. However, the final fair market value required an independent appraisal process as stipulated in the 2019 agreement.
The final financial details, settled in June 2025, confirmed the total payout and Disney’s ultimate control:
This final acquisition solidified Hulu’s full integration into Disney’s direct-to-consumer division, ending Comcast’s financial involvement and giving Disney complete freedom over the platform’s future.
Disney’s 100% control over Hulu has profound implications for the platform’s content strategy, operational efficiency, and long-term future within the streaming ecosystem.
Content Integration and Strategy: Prior to the buyout, content licensing from NBCUniversal to Hulu had been a continuous, though sometimes complex, negotiation. With Comcast’s exit, Disney gains complete control over Hulu’s content strategy. This freedom allows Disney to:
Operational and Pricing Impact: Full ownership simplifies operations immensely. Disney can achieve greater technical efficiencies by consolidating the back-end technology of Hulu with Disney+ and ESPN+. The most notable strategic impact is on bundling and pricing:
For the end user, Disney’s full ownership of Hulu primarily translates to an improved and more cohesive streaming experience. The ultimate goal is to offer unrivaled value through a single, easy-to-manage ecosystem that caters to all demographics, from children watching Pixar on Disney+ to adults streaming FX dramas on Hulu.
The final acquisition of Hulu by Disney is more than a financial transaction; it is a foundational change that positions Disney to compete fiercely in the global streaming wars by unifying its content and services under one powerful corporate structure.
Amanda has a degree in Languages, is a postgraduate student, and is passionate about content creation. After joining Cenário Capital, she discovered a strong interest in technology. She currently works on the Marketing team, in the SEO and Content squad.
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