Comcast, Disney hire investment banks to value Hulu as sale process makes progress

On Nov. 1, Comcast and Disney can both trigger an option that will kick off a sale process where Disney will acquire Comcast's minority stake in Hulu.

Nearly five years ago, Comcast and Disney set up an unusual agreement after Disney acquired the majority of Fox's assets in a $71 billion deal, including Fox's minority stake in Hulu. That deal gave Disney majority control over Hulu, because Disney already owned one-third of the streaming service. Once the option is triggered, Morgan Stanley and JPMorgan will begin their assessments of Hulu's value. If the two banks' final valuations are within 10% of each other, the average of the two banks' determinations will be the price at which Hulu is valued. Disney would then pay Comcast 33% of that value for its stake. The 2019 deal set a floor valuation for Hulu at $27.5 billion.

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Comcast, Disney hire investment banks to value Hulu as sale process makes progressComcast and Disney can strike their option on Hulu as soon as Nov. 1, kicking off what might be a complicated sale process for Comcast’s 33% stake
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