Yes. Disney’s 2026 proxy statement confirms that it acquired Comcast subsidiary NBCUniversal’s 33% stake in Hulu. Disney had announced in June 2025 that the valuation process was complete and that an additional $438.7 million was payable to NBCUniversal. Its filing set a deadline of July 24, 2025, for closing; the later proxy confirms the acquisition but does not state the exact closing date.
What Disney bought—and why
The deal concerned NBCUniversal’s 33% ownership interest in Hulu, not a purchase of the whole service from Comcast in one step. Under an arrangement established in 2019, Disney and Comcast had agreed to a put/call process for NBCUniversal’s stake. NBCUniversal exercised its contractual right on November 1, 2023, requiring Disney to buy the interest. Disney’s November 2023 announcement described the arrangement and the start of the acquisition process.
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Disney said the acquisition would enable deeper integration of Hulu’s general-entertainment content with Disney+ and, later, ESPN’s direct-to-consumer service. That was Disney’s stated strategic rationale, not an independently established measure of what consumers would experience. In its June 2025 filing, CEO Robert A. Iger said completing the acquisition “paves the way” for that integration.
How the price was determined
The 2019 agreement established a guaranteed floor value of $27.5 billion for Hulu. Disney paid NBCUniversal approximately $8.6 billion in December 2023 toward NBCUniversal’s share, net of unpaid capital-call contributions. The final amount was subject to a valuation process because the parties’ appraisers reached different conclusions.
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| Stage | What Disney disclosed |
|---|---|
| Contractual floor | $27.5 billion guaranteed floor value for Hulu under the 2019 arrangement, as described by Disney in 2023. |
| Initial payment | Approximately $8.6 billion paid to NBCUniversal in December 2023, net of unpaid capital-call contributions, according to Disney’s 2025 filing. |
| Appraiser disagreement | Disney’s appraiser valued Hulu below the floor; NBCUniversal’s appraiser valued it substantially above the floor. Disney did not publish the underlying appraisals’ full values in the filing. |
| Final appraisal outcome | A third appraiser’s valuation concluded the contractual process. Disney said an additional $438.7 million was payable to NBCUniversal. |
The $438.7 million was the additional amount Disney said was payable after the process concluded on June 9, 2025. Disney also described a hypothetical outcome in which roughly $5 billion more would have been payable if the third appraiser had aligned with NBCUniversal’s appraiser. That was a counterfactual, not the final amount due.
Timeline: from the agreement to the completed acquisition
- 2019: Disney and Comcast established the put/call arrangement, including the $27.5 billion guaranteed floor value for Hulu.
- November 1, 2023: NBCUniversal exercised its right to require Disney to purchase its 33% Hulu interest.
- December 2023: Disney paid NBCUniversal approximately $8.6 billion toward the stake.
- June 9, 2025: Disney announced that the appraisal process had concluded and that an additional $438.7 million was payable.
- By July 24, 2025: Disney said the acquisition would close on or before this date. Its 2026 proxy later confirms the stake was acquired, but does not specify the actual closing day.
What is—and is not—known about the closing date
June 9, 2025, was the date Disney announced the appraisal outcome, not the closing date. The company’s filing said the acquisition would close by July 24, 2025; Disney’s 2026 proxy retrospectively confirms that it acquired the stake. The official materials cited here establish completion but do not identify the exact day the transaction closed.
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What the completed buyout means
Disney now owns the NBCUniversal stake that had been at issue in the transaction. The valuation process resolved how much additional consideration was payable beyond the December 2023 payment. Disney’s stated next step was to pursue deeper integration of Hulu general-entertainment programming with Disney+ and its ESPN direct-to-consumer offering; the transaction announcement itself does not establish the timing or consumer impact of those changes.
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