Disney would like to have full ownership of Hulu before 2024

Disney chief Bob Chapek would 'love' for his company to have full ownership of Hulu before January 2024 - the date when The Walt Disney Company can first buy out Comcast's one-third stake in the company. company. But there is a problem.

"It obviously takes a certain level of propensity for [Comcast] to have reasonable terms for us to get there," he added Wednesday at Goldman Sachs' Communcacopia 2022. "2024 is not that far away."

(For good measure, Chapek then repeated "2024 isn't that far away;" that may have become a bit of the company's mantra when it comes to Hulu.)

Disney currently owns two-thirds of Hulu and Comcast one-third. Disney added 33% to its pre-existing share after buying most of Fox's entertainment assets in 2019 for $71.3 billion. At the time, Comcast and Disney struck a deal: Disney took immediate operational control of Hulu and agreed that as early as 2024, Comcast could require Disney to buy it back at fair market value. Disney has guaranteed a minimum total net worth of $27.5 billion. Today, they don't seem to agree on the "fair market value" of Hulu.

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Although Hulu is a key (and profitable) part of the Disney bundle, which also includes Disney+ and ESPN+, the service technically cannot be bundled with Disney+ as long as Comcast has a piece of it.

Hulu is a good streaming service, but it's not exactly at the heart of Disney or Comcast. Disney+ is Chapek's main focus; NBCUniversal's Peacock is Comcast's primary streaming service. When Disney gets full ownership, assuming that happens, it will face another dilemma: does the Hulu adult brand fit into Disney+? Is there room for two major streaming services under the Cinderella roof?

Disney has had a busy week answering some equally important questions. Its annual Disney+ Day took place last Thursday, which was followed by three days of D23. Executives have used these platforms, in part, to reinforce the company's commitment to ESPN. That assurance was another message from Chapek on Wednesday. Also this afternoon, Chapek said 80,000 fans attended D23, which was an in-person event for the first time since the start of the Covid pandemic in the United States.

Comcast Chairman and CEO Brian L. Roberts will be interviewed at Communacopia at 7:30 p.m. AND. IndieWire Contacted Comcast Spokesperson Regarding Chapek's "Reasonable Terms" Remark; they declined to comment (but suggested we listen to Roberts!).

Paramount Global Chief Bob Bakish was interviewed earlier today at Communacopia 2022; Check out her appearance here.

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