Core Viewpoint - Disney has agreed to pay an additional $438.7 million to Comcast's NBCUniversal to complete the acquisition of Hulu, achieving full control over the streaming platform by July 24, 2025 [1][2]. Summary by Sections Acquisition Details - Disney will pay $4.387 billion to acquire the remaining 33% stake in Hulu from Comcast, reflecting Hulu's minimum guaranteed value of $27.5 billion [1]. - The acquisition process faced delays due to valuation disagreements between Disney and Comcast, requiring a third appraiser to resolve the issues [2]. Financial Impact - The $438.7 million payment will be recorded under "net income attributable to non-controlling interests," directly reducing Disney's net income for Q3 [2]. - Despite this payment, Disney expects no impact on its previously provided guidance for adjusted earnings for fiscal year 2025 [2]. Financial Performance - In Q2 of fiscal year 2025, Disney reported revenues of $23.6 billion, a 7% year-over-year increase, with adjusted earnings per share of $1.45, exceeding expectations [2]. - The number of subscribers for Disney+ and Hulu reached 178 million, contributing to revenue growth in the streaming business [2]. - International theme park revenue increased by 28% year-over-year, while ESPN's advertising revenue grew by 15% [2]. Hulu's Development History - Hulu was established in 2007 and quickly became a streaming platform supported by multiple entertainment groups to counter the impact of the internet [5]. - Disney joined Hulu in 2009, aiming to integrate content from ABC, ESPN, and Disney Channel [6]. - A decade later, Disney gained control of Hulu through the acquisition of 21st Century Fox [7].