During the Goldman Sachs Communacopia & Tech Conference, Disney CEO Bob Chapek shared that even when Disney has operated Hulu since 2019, the merger of the two streaming platforms would have to be put on hold because of the financial interests of Comcast on Hulu. As reported by Deadline, Chapek said, “It’s what the market will bear, which is a direct reflection of price/value, and I think we’re way under-priced relative to the value that we provide. We owe it to our shareholders to try to get that recognized.” Disney has been operating Hulu since the company acquired the majority of 21st Century Fox and this deal includes Disney having a buy out opportunity on Comcast by 2024. By that time, the remaining 33% of Comcast’s NBCUniversal may be sold to Disney for $27.5 billion at the least, which is optional, but not an obligation.
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However, during the same conference, as reported by Media Play News, when Comcast CEO Brian Roberts was asked about the buyout, he said, “I believe if Hulu was put up for sale, Comcast would be interested. So would a lot of other tech and media companies. You would have a robust auction.” Roberts added, “Of course, we are always happy to talk about it, and the value we structured into the agreement anticipates that a ‘robust’ auction for 100% of the company as a going concern and what would somebody pay for that, a third of the company’s equity value.” Roberts recognizes the value of Hulu, “Regardless, 100% value of Hulu is what we are entitled to. But if it were up for sale, we certainly, and I think others would want to get into that opportunity. I think our position is very enviable for us and our shareholders. As a company, Hulu has done a spectacular job.” To date, Hulu is still within US while Disney Plus has became globally available. Should there be a merger between the two streaming platforms, it may be a tough sell, but could be worth the shot for Hulu to go global as well. Currently, Hulu houses various titles such as Pam & Tommy, American Horror Stories, How I Met Your Father, Vikings, Law & Order: Special Victims Unit, Nine Perfect Strangers, The Orville, and more. Meanwhile, Disney Plus holds the exclusive releases of Disney, Marvel, Pixar, Star Wars, National Geographic and more like She-Hulk: Attorney At Law, the upcoming Star Wars: Andor, Primal Survivor: Mighty Mekong, Pinocchio, Thor: Love and Thunder, among others.
