Walt Disney Co. is likely to get full control of Hulu earlier than expected.
The media giant already owns two thirds of the streaming platform, with Comcast Corp. CMCSA, +1.09% owning the balance. Disney DIS, -0.55% was going to have the option in January to purchase the portion of Hulu it didn’t already own, but Comcast Chief Executive Brian Roberts said the parties have pushed up the date of that.
The service still needs to go through an appraisal process, Roberts explained, so the sale wouldn’t happen right away.“No timing was given for a consummation of the process,” Wells Fargo analyst Steven Cahall wrote, though he thinks investors will assume a deal gets done by the end of the year. Cahall noted that the Hulu put value “weighs on the balance sheet” for Disney given streaming losses and the erosion of linear television. He also thinks Disney’s “ultimate streaming strategies are held back” while Comcast still owns a third of Hulu, so a resolution would likely lift an “overhang” on the stock, and it makes sense that Disney would want to accelerate the timing.
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