In return, Disney and Comcast have entered a 'put/call' agreement that will give Comcast the option to sell its stake in the streaming video service to Disney.
Under the deal, Comcast can ask Disney to buy the 33% stake its subsidiary NBCUniversiary owns in Hulu as early as January 2024.
Comcast is guaranteed at least $5.9bn for its Hulu stake, giving the video streaming service a valuation of at least $27.5bn.
“Hulu represents the best of television, with its incredible array of award-winning original content, rich library of popular series and movies, and live TV offerings,” said Disney CEO Bob Iger.
“We are now able to completely integrate Hulu into our direct-to-consumer business and leverage the full power of The Walt Disney Company’s brands and creative engines to make the service even more compelling and a greater value for consumers.”