Opinion

Disney’s Hulu Deal Ain’t Over Till It’s Over

There are no obvious takers should Robert Iger decide to cut Hulu loose—but then again, who wouldn’t want it?

Art via Shutterstock.
By
Andrew A. Rosen

Rosen is the author of Medium Shift, tracking the transformations underway in the media business.

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Among many newsmaking statements during his debut earnings season as Disney’s recently returned CEO, Robert Iger declared that “everything is on the table” concerning the Hulu-Disney relationship. Over the years, Disney has amassed a two-thirds stake in the legacy streaming service. A big chunk arrived within its 21st Century Fox acquisition in 2019, and it then struck a deal with co-parent Comcast for an option to buy the rest.

That deal had a five-year window, meaning Iger has until January 2024 to decide what to do. He has essentially three options:

  1. Buy the last 33% of Hulu from Comcast for at least $9 billion, based on the fair market value the two companies agreed upon way back when.
  2. Entertain Comcast’s openly stated interest in buying the rest of Hulu.
  3. Something else.