- Comcast Corp (NASDAQ:CMCSA) and Walt Disney Co (NYSE:DIS) shares are trading lower Tuesday after Comcast CEO Brian Roberts shared the likelihood of selling its 33% stake in Hulu to Disney at the beginning of 2024.
- “It’s more likely than not we will go through with what we’ve said all along,” CNBC cites Roberts at the SVB MoffettNathanson investor conference.
- Roberts also suggested the final price for Hulu will likely be higher than the $27.5 billion valuation initially set in 2019.
- Also Read: Former Hulu Chief Joe Earley Takes Charge Of Disney’s Streaming Business, A Critical Growth Pillar
- Comcast and Disney struck a deal in 2019 that allowed Disney the option to buy out Comcast’s minority stake in 2024. That deal set a floor valuation for Hulu at $27.5 billion.
- Hulu is Disney’s adult-focused streaming service, bundling with ESPN+ and Disney+ for as low as $12.99 monthly.
- Comcast owns a minority stake in Hulu. Hulu ended Disney’s fiscal second quarter with 48.2 million subscribers.
- Comcast and Disney have discussed Hulu this year, Disney CEO Bob Iger said last week.
- Iger last week backtracked, saying “that was a little harsh,” while also acknowledging talks have occurred with Comcast.
- Price Actions: DIS shares traded lower by 1.97% at $91.03 on the last check Tuesday. CMCSA shares traded lower by 1% at $39.80.
- Photo via Wikimedia Commons
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