Who Owns Hulu in 2025? The Full Ownership Story Explained
- Kumar Shubham
- 6 days ago
- 9 min read
People wonder about Hulu's ownership as the streaming service matches Amazon Prime with 3.6% of streaming viewership. Disney currently controls the majority with a 67% stake, while Comcast holds the remaining 33%. A significant change approaches as Disney plans to buy Comcast's portion for $8.6 billion in 2024.
Hulu's Founding: The Original Joint Venture
Hulu's story started when traditional media companies made a bold move to gain ground in the emerging digital world. YouTube's growing popularity and online piracy threatened television networks. Major media players decided to unite instead of competing alone.
The media giants behind Hulu's creation
Two media powerhouses created Hulu in 2007: NBC Universal (co-owned by General Electric and Vivendi) and News Corporation (Fox's owner). These fierce competitors formed an alliance after they saw how viewers' habits were changing.
The original plan looked different from what Hulu became. NBC and Fox wanted to share their shows on many platforms like AOL, Yahoo, and MySpace. MySpace, owned by News Corporation, would attract users to this new online platform.
Jason Kilar came from Amazon in late 2007 and altered the map. He turned Hulu from a scattered content sharing plan into one solid platform. The service brought TV's free, ad-supported model to the internet. The team picked the name "Hulu" in August 2007 and launched a website where users could sign up for beta testing.
NBC showed its dedication to Hulu by cutting ties with other platforms. The network ended its iTunes contract and shut down its YouTube channel in October 2007.
Original ownership structure (2007-2011)
Media giants and investors created a complex ownership web for Hulu. Providence Equity Partners bought 10% for $100 million in July 2007. This investment gave Providence a board seat as an "independent voice".
After invitation-only testing started in October 2007, Hulu opened to everyone on March 12, 2008. The service started small with a few dozen shows and movies but grew to offer thousands of titles in its first year.
The Walt Disney Company joined Hulu's team in April 2009. Disney planned to add content from ABC, ESPN, and Disney Channel. This move strengthened Hulu's position as a cooperative effort among media giants.
From 2007 to 2011, Hulu ran as a free service with ads. Late 2010 brought Hulu Plus, a paid subscription that offered more shows and let people watch on gaming consoles and set-top boxes.
The company faced some uncertainty during this time. Talk of going public in 2010 never happened, and a buyout offer in 2011 led nowhere. The founding companies still worked out how Hulu fit their long-term digital plans, even as viewers flocked to the service.
Disney's Path to Majority Ownership
Disney's path to becoming Hulu's dominant force started with strategic collaborations and smart corporate moves. The company evolved from a small stakeholder to the controlling owner and revolutionized the streaming world.
Acquiring the Fox stake in 2019
Disney's control over Hulu grew rapidly on March 20, 2019. The company bought 21st Century Fox's entertainment assets for $71.3 billion. This major deal gave Disney Fox's 30% stake in Hulu, which changed Disney's position in the streaming service.
Disney started as a minority owner with its first investment in Hulu in 2009. The Fox deal answered the question of who owns Hulu and gave Disney a strong 60% majority stake. This purchase included many valuable assets beyond Hulu's ownership - Fox film and television studios, U.S. cable channels like FX, and most of National Geographic Partners.
The Fox deal changed Hulu's structure completely. One industry source said that "for the first time, just one company owned a majority stake in Hulu". Before this, Hulu ran as a joint venture where competing media companies shared ownership more equally.
The AT&T/WarnerMedia exit
The ownership structure changed again after Disney bought Fox. AT&T sold its 9.5% stake back to Hulu for $1.43 billion on April 15, 2019.
This deal valued Hulu at about $15 billion - nowhere near its later worth. AT&T got this stake after buying Time Warner in 2018. The telecom giant decided to sell as it planned to launch its own streaming service.
Disney and Comcast paid for AT&T's shares proportionally. This move left just two media giants as stakeholders and united Hulu's ownership structure.
Reaching 67% control
Disney now owned 67% of Hulu, while Comcast held the remaining 33%. Disney gained more power over Hulu's direction and strategy.
Disney and Comcast made a vital agreement on May 14, 2019. Comcast agreed to let Disney run operations right away and became a "silent partner". Hulu then joined Walt Disney Direct-to-Consumer & International (DTCI).
The deal included a "put/call" arrangement for Comcast's 33% stake. Disney could make Comcast sell its share starting January 2024, or Comcast could force Disney to buy it. They set a minimum value of $27.5 billion for this future deal.
This setup let Disney run Hulu while planning to own it completely later. Disney then combined Hulu with its streaming strategy by offering it in a bundle with Disney+ and ESPN+ when Disney+ launched in 2019.
The Disney-Comcast Agreement
A crucial agreement in May 2019 altered who owns Hulu and shaped its destiny. Disney wanted to boost its streaming presence, so this deal with Comcast laid the groundwork for Disney to take full control of the popular platform.
Terms of the 2019 buyout deal
Disney and Comcast struck a deal on May 14, 2019, that gave Disney complete operational control of Hulu. Comcast became a silent partner and lost its say in daily operations. The company gave up its three board seats on Hulu's leadership team right away.
The deal's heart was a "put/call" agreement for NBCUniversal's 33% ownership stake. Both companies got specific rights: Comcast could make Disney buy its stake, and Disney could force Comcast to sell. The agreement also made Comcast extend NBCUniversal content licensing and Hulu Live carriage agreement until late 2024.
Both parties created a smart plan for future funding. They agreed to split the cost of buying AT&T's 9.5% stake based on their ownership shares. Comcast could choose to fund its share of Hulu's future needs. If it didn't pitch in, its ownership would shrink.
The $27.5 billion valuation floor
The deal's key feature set Hulu's minimum value at $27.5 billion. This baseline gave both sides clarity about the final price. JPMorgan later backed this number for Disney, matching the preset minimum.
Disney agreed to limit yearly capital calls through equity investments to $1.5 billion to protect Comcast's interests. Any extra money needed would come from non-diluting debt, which kept Comcast's ownership share intact.
Disney promised Comcast's stake wouldn't drop below 21%, even if it skipped equity capital calls. This guarantee meant Comcast would get at least $5.8 billion under the put/call agreement based on the minimum value[152].
Comcast's put option timeline
The original plan let either company use their put/call rights starting January 2024. Things moved faster when Comcast jumped in late 2023.
NBCUniversal made its move on November 1, 2023, asking Disney to buy its 33% stake in Hulu. Disney said it would pay about $8.61 billion to NBCU by December 1, 2023. This amount reflected NBCU's share of the $27.5 billion floor value, minus what NBCU still owed Disney for capital calls.
The value became a sticking point. The deal required Hulu's fair value assessment as of September 30, 2023. If the final number beat the minimum, Disney would pay NBCU its share of the extra amount.
The companies clashed over the appraisal. Disney's team valued Hulu below $27.5 billion, while NBCU's experts said it was worth much more. This gap meant Disney might need to pay Comcast an extra $5 billion if the third appraiser sided with NBCU[133].
The dispute went to arbitration in early 2024, with Disney expecting answers in fiscal 2025. Meanwhile, Disney used its operational control to merge Hulu deeper into its streaming strategy.
When Did Disney Buy Hulu Completely?
Disney completed its Hulu acquisition earlier than expected. Both companies decided not to wait until January 2024 as planned and changed who owns Hulu today.
The 2023 acceleration announcement
Comcast CEO Brian Roberts shared news in September 2023 that both companies changed their agreement. The buyout process would start on September 30, 2023, instead of January 2024. Roberts explained that both companies "wanted to get this behind us". This decision helped speed up the valuation process. Each company picked its own appraiser to figure out Hulu's fair market value.
Original $8.61 billion payment
Comcast took action on November 1, 2023, and asked Disney to buy its 33% stake in Hulu. Disney paid about $8.61 billion to NBCUniversal by December 1, 2023. This amount was Comcast's share of the $27.5 billion floor value set in 2019, minus some capital call contributions. This payment made Disney Hulu's only owner.
The valuation dispute
All the same, the story continued past the first payment. The appraisers found they disagreed by a lot about Hulu's real value. Disney's team at JPMorgan said Hulu was worth less than $27.5 billion. Comcast's appraiser Morgan Stanley thought it was worth $40.8 billion.
This big gap in values led the companies to bring in RBC Capital as an independent appraiser. The parties started confidential arbitration in May 2024 to solve their disagreement.
Final settlement details
The final settlement hasn't wrapped up in early 2025. Disney might need to pay Comcast up to $5 billion more, depending on what happens in arbitration. The math works like this: if RBC's numbers line up with Comcast's value, Disney pays about $5 billion extra. But if RBC agrees with Disney's numbers, no extra money changes hands.
We'll know exactly how much Disney ended up paying to fully own Hulu when the arbitration finishes in fiscal 2025.
Hulu's Corporate Structure in 2025
Disney completed its acquisition of Comcast's stake in 2023 and restructured Hulu to blend it with its broader media empire. The answer to who owns Hulu became clear when Disney emerged as the sole owner after the Comcast buyout.
Disney as the parent company
The Walt Disney Company now stands as Hulu's parent company with complete ownership. Disney acquired Comcast's remaining 33% stake for $8.61 billion in December 2023. The deal started with a payment based on the $27.5 billion minimum valuation and awaits final arbitration in 2025.
Disney's plans for Hulu keep evolving. The company made a big move in January 2025 by combining Hulu's Live TV business with FuboTV. Disney now holds a 70% majority stake in this combined entity, which trades publicly as Fubo on the NYSE. Both Fubo and Hulu + Live TV remain separate services for consumers.
Integration with Disney's media division
Disney has placed Hulu strategically in its streaming portfolio next to Disney+ and ESPN+. The company launched a "unified one-app experience" in December 2023 by making Hulu a content hub within Disney+. Bundle subscribers could access Hulu's shows like "The Bear" and "Only Murders in the Building" directly through the Disney+ app during this beta phase.
The complete integration came in March 2024. Disney executives called it "the most extensive technical advancement to the Disney+ streaming platform since it launched in 2019". The results were remarkable as they exceeded expectations "across every single metric," according to Joe Earley, president of Disney Entertainment's direct-to-consumer division.
Key executives overseeing Hulu
Disney's takeover brought major changes to Hulu's executive structure. The company eliminated the Hulu CEO position in January 2020. Top executives now report directly to Disney Television Studios and ABC Entertainment. Hulu operates under Disney's streaming and international division.
The core leadership includes:
Joe Earley, President of Direct-to-Consumer for Disney Entertainment
David Gandler, CEO of the combined Fubo and Hulu + Live TV businesses
Disney appoints most of the board members for the Fubo-Hulu Live TV venture. Fubo's existing management team runs daily operations. This setup lets Disney maintain control while using specialized expertise for live TV streaming.
Conclusion
Disney's purchase of Hulu represents the most important change in streaming media ownership. The streaming service now merges with Disney's portfolio that includes Disney+ and ESPN+. The final purchase price depends on arbitration results in 2025, which could add $5 billion to Disney's original payment.
FAQs
Q1. Who currently owns Hulu?
As of 2025, The Walt Disney Company is the sole owner of Hulu, having completed the acquisition of Comcast's remaining stake in December 2023.
Q2. Will Hulu continue to exist as a separate streaming service?
Yes, Hulu remains a standalone streaming service with its own app and content library, although it's now more closely integrated with Disney's other streaming offerings.
Q3. How can I access Hulu content through Disney+?
Disney has implemented a "unified one-app experience" that allows Disney Bundle subscribers to access Hulu's programs directly through the Disney+ app as a content hub.
Q4. What happened to Hulu's live TV service?
In 2025, Disney merged Hulu's Live TV business with FuboTV. While operationally combined, both Fubo and Hulu + Live TV continue to exist as separate consumer offerings.
Q5. How much did Disney pay for complete ownership of Hulu?
Disney initially paid $8.61 billion to acquire Comcast's 33% stake in Hulu. However, the final cost is still pending arbitration, which could potentially add up to $5 billion to the purchase price.